People in Nevada who are creating an estate plan may wonder whether they can simply use a do-it-yourself will. However, there are a number of potential disadvantages to this approach.
One important detail people in Nevada may leave out of their estate plan is their preferences regarding their final arrangements. While wills were commonly used in the past to detail one's final arrangements, that is no longer the case. Typically, some time will pass after the death of a loved one before the surviving family members begin to search for a will.
You understand the importance of making final arrangements for your estate, and online companies that offer do-it-yourself will or trust creation might appear tempting. Working directly with an attorney, however, could offer you many advantages, staring with personal service and an in-depth analysis of how Nevada law might apply to your estate.
Nevada residents are not required to have a licensed attorney draft their will. However, for people who choose to write their own, they should take care to avoid certain mistakes.
Unmarried couples in Nevada and throughout the United States might not prioritize estate planning. The most common reasons people give for not doing so is not having children and not being married. It turns out that estate planning is just as important for people who are not married, especially if they are committed to their long-term relationship.
There are a number of benefits estate planning can provide to Nevada residents. However, same-sex couples may be presented with certain situations that may require more careful consideration.
When a Nevada resident gets remarried, the second marriage could represent a new chance at family happiness, but it also means his or her estate plan should be updated. Subsequent marriages often create blended families with both spouses having children from other partners and then perhaps with each other. Trusts are often used to communicate the intentions of each partner when it comes to inheritances.
Single and childless people in Nevada might wonder what kind of an estate plan they need. In addition to deciding who to leave their assets to, they may also want to think about who will manage their health care and financial affairs if they become incapacitated. If a person dies intestate, which means dying without a will, then the state decides how that person's assets are distributed.
Nevada lawyers with experience in estate planning draft wills, trusts and powers of attorney for their clients, but there is one very important document that is not written by an attorney. Letters of final wishes have no legal standing and do not influence how assets will be distributed, but they do convey information and requests that grieving relatives and friends may find both comforting and useful.
Nevada residents whose estates are large enough to worry about federal estate tax will probably want to review their estate plan if there is an estate tax repeal. For most people who expect to owe estate tax, devising ways to reduce the value of the estate and bring the tax down as close to the exemption amount as possible is the cornerstone of the estate plan.