Creating an estate plan can be daunting, particularly when it involves drafting a last will and testament. A will outlines the wishes of an individual regarding how the distribution of their property and assets should be after their demise.
In Nevada, testators must follow laws to ensure their will is valid and effective. However, individuals unaware of these laws can make mistakes that may undermine their final wishes. If you are seeking to write your will, how can knowing such errors help ensure that the distribution of your estate will follow your wishes?
Not complying with legal requirements
According to Nevada law, a testator can create a valid will if they are aged at least 18 and of sound mind. In addition, a will must be in writing to be valid. However, the state may accept electronic and holographic wills in certain instances.
Further, the testator or someone else in the testator’s presence and direction should sign the will. It must also be attested and signed by at least two competent witnesses in the testator’s presence.
Failing to appoint a suitable executor
The executor is crucial in managing the estate. Thus, failing to appoint a capable and trustworthy executor can lead to complications. The chosen executor should be someone who can handle responsibilities diligently and honestly.
Not updating the will regularly
In addition, life changes such as marriage, the birth of a child, divorce or the acquisition of significant assets require an update to the will. Failing to update the will can lead to unintended beneficiaries or an asset distribution that does not follow the testator’s current wishes.
Avoiding pitfalls to secure your legacy
Drafting a last will and testament is not just about distributing your assets but also about ensuring peace of mind and preventing potential disputes among your loved ones. With legal guidance, you may navigate the intricacies of the law, avoid pitfalls and take a crucial step toward securing your legacy.