Having a will is a vital part of passing on your estate in the way that you want. Never rely on online forms or self-written wills to protect your wishes. A well-written will specific to your case is a central tool in this process, but there are other tools in estate planning that our lawyers can use to help you pass on your estate as well.
Our attorneys can meet with you, go over your assets, and talk about your goals. Then, we can help you put together a will that carries out your wishes and will stand up to scrutiny and potential challenges.
For a free evaluation, call Flake & Flake’s lawyers for drafting a will today at (702) 829-5731.
What Happens if You Don’t Have a Will?
While we generally recommend having a will, it is important to understand the alternative. If you die without a will, your estate will pass according to Nevada’s intestacy rules, and the court will appoint people to manage your estate.
Intestacy Rules
“Intestate” literally means without a will/testament. The “intestacy” statute is a law that lays out how someone’s estate is passed on when they die without a will.
These rules give everything to your closest family first, meaning your spouse and children (or grandchildren/other direct descendants). If you do not have a spouse or children or grandchildren, it goes to your parents; if you do not have parents, it goes to other family in order of closeness.
Personal Representative Appointed
Usually, your will lists a “personal representative” (a.k.a., an “executor”) to manage your estate and pass your assets on. The court appoints someone if you do not have one appointed in a will.
They usually pick from close family who bring your estate to probate court – the court that processes wills and intestacy cases.
Are Intestacy Rules Enough?
This may be enough for some people who have little by way of assets and do not own big items like a home. Check with an attorney for drafting a will first before relying on intestacy rules.
Who Needs a Will?
Everyone could use a will, but if the default rules under the intestacy statute handle all of your needs, it might be unnecessary. Even so, these people should definitely consider a will:
Homeowners
If you have a house, you should consider a will. This is a huge asset that wills typically deal with.
Parents
Parents of minor children need to plan for the worst. You should consider a will to manage how your children get your money, especially if they are too young to manage it themselves and need it kept in trust for them if you pass.
Your will can also state who should get custody if you and your spouse both pass, so that your children are raised by the people you choose.
Small Business Owners
If you own your business as a sole proprietor or in other setups where you essentially are your business, you need to plan for what happens to your business if you pass. Making sure that control passes to the right people can help prevent the business from simply closing if you die.
If you do want it to close when you pass away, then that also needs to be planned so outstanding debts can be paid, etc., as operations wind down.
People with Extensive Assets or High Net Worth
If you have a lot of money or assets, you need a will. However, a will might be only part of what you need. Will alternatives and other tools might be used in conjunction with a will to help prevent sale, public disclosure, and taxes on your estate when you pass.
What Makes a Valid Will?
Wills need a few elements to be valid. If a will is invalid, it is treated like it never existed. This means a previous will might be in effect instead. If there is no valid will, then the intestacy statute is used.
Testamentary Capacity
People writing a will need to have the mental capacity to write a will. It is better to get the planning out of the way before you face a medical crisis or before old age potentially makes it impossible to write a will anymore.
In Writing
Wills have to be written. Technically, you can hand-write your own will – known as a “holographic will” – but it is best to have a lawyer write out the will.
This helps make sure that the will is phrased in the standard language courts expect, instead of making it subject to misinterpretation.
Signature
The testator (the person whose will it is) must sign it to make it valid.
Witnesses
There also need to be two competent witnesses who sign the will.
What Can You Put in a Will?
Wills are powerful, flexible tools that allow you to use a wide range of instructions and bequests.
Your Home
Saying who gets your house or other property when you pass is one of the most important things typically put in a will.
Other Assets/Specific Bequests
Other specific assets you own, from investment accounts to art collections to the pots and pans in your house, also need instructions. We can list everything under “the estate,” and divide it how you want, but you can also make specific bequests for individual assets if you want.
Instructions for Guardianship of Minor Children
If you have children, you can leave instructions for their future care in your will. Courts get the final say as to who is appointed guardian, but they typically take the parents’ wishes into account.
Other Last Wishes
You can also leave other instructions in the will or in specific attachments, though some might not be legally enforceable. Either way, your will or attachments to the will might be the best place to put certain information.
What Are Will Alternatives?
Not everything goes through your will. Other items and assets can pass automatically through other systems, rather than being put through probate in your will. Because of this, they are called “non-probate” assets.
Joint Property
If you and your spouse own your house jointly, and your spouse survives you, they get the house automatically. Whatever your will says is essentially ignored because they still own the house.
The rules are similar for other joint property, such as joint accounts.
Trusts
You can put money and assets in trust while you are alive, then set up a new beneficiary and trustee to take over when you pass. This does not go through probate.
You can also have your will set up a trust when you pass and put assets into it, such as money for a minor child to be managed by a grandparent or aunt/uncle until they come of age.
Transfer on Death Assets
Other assets – such as accounts or deeds – can be set up to pass upon the owner’s death. These assets pass automatically and also skip the will/probate.
Call Our Henderson, NV Attorneys for Drafting a Will
Call our attorneys for drafting a will today at Flake & Flake for a free case review: (702) 829-5731.
