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Wills Archives

Changing the terms of a will in Nevada

Nevada residents who are legally competent and 18 or older may draft a last will and testament. They may then amend or revoke a will when their situations change. They can also make changes as often as they wish. However, making frequent amendments could raise questions about the testator's state of mind and lead to speculation that changes were being made under duress.

What to consider when writing a will

Those who live or own property in Nevada may be able to write their own will. However, it may not be the best idea to do so. This is because there are many issues that people may not account for on their own. For instance, an individual may not realize that minors can't own property outright. Furthermore, someone who writes his or her own will may not realize that it can be used to designate a guardian for a child.

The potential pitfalls of a simple will when children come along

It's common for millennials in Nevada and elsewhere in the nation to have a desire to keep things simple, even when it comes to estate planning. They often prefer assets that suit their portable lifestyles. Younger adults also tend to gravitate towards simple documents like wills.

How to cut someone out of an estate plan

Those who live in Nevada or anywhere else may no longer have a close relationship with a child or other family member. In some cases, an individual may want to exclude that family member from an estate plan. If it becomes necessary to fully or partially disinherit someone, it is generally better to do so with a living trust. This is because a trust is harder to challenge than a will.

There are several kinds of irrevocable trusts

Trusts can be powerful instruments when they are included in Nevada estate plans. They can be tailored to fit the circumstances and wishes of the trustmaker, and they can effect the transfer of assets outside of probate. Broadly speaking, the two categories of trusts are revocable trusts and irrevocable trusts. An irrevocable trust cannot be altered once it is made, while revocable trusts can be changed by the trustmaker after they are established.

Including digital assets in an estate plan

People in Nevada spend more time online than ever before, and an increasing portion of their financial lives are also conducted over the internet. However, many individuals do not think about digital assets when they begin to consider planning for the future. When people make a will, they think about their real estate, jewelry, bank accounts or investment funds, but they may not consider the digital elements of their assets. However, this is an increasingly important part of a modern estate plan that can affect how effectively assets transfer to beneficiaries after death.

Aretha Franklin's handwritten wills submitted to court

People in Nevada could learn from the estate planning woes currently being experienced by the family of the late Aretha Franklin. Initially, reports were that the singer, who died in 2018, did not have a will. Since then, three different wills have been found. All three wills were handwritten, and all have been submitted to the court. It is unclear whether the court will consider any of them valid.

Mistakes to avoid when creating an estate plan

While estate planning is important for all adults in Nevada, it is critical to do so properly. A common mistake that people make is to leave assets directly to minors. A better idea is to leave the asset to a trust that a minor child or grandchild is the beneficiary of. If a trust is created, it needs to be funded before its creator passes on. Otherwise, assets that were intended for the trust may still need to go though probate.

Estate plans cover a multitude of wishes

In Las Vegas, Nevada, the distribution of property is often part of a detailed estate plan. Although some people detest the thought of establishing estate plans, sound financial planning regarding estates can offer peace of mind. Some people avoid thinking about inheritance issues because of superstitious beliefs. These superstitious individuals believe that making their wills may cause bad luck or even death. The fact is that people eventually die regardless of whether they have wills or estate plans.

Potential estate planning risks associated with online wills

Some people in Nevada are ardent do-it-yourselfers when it comes to everything from household tasks to taxes. But a DIY approach to preparing a will could contribute to some oversights or missteps that may be problematic for loved ones left behind. One potential problem is that some sites may omit important companion documents, such as a financial power of attorney and an advance healthcare directive, or only offer them with higher-priced packages.

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