Your life is already busy enough as it is. The last thing you want to do is prepare for what happens after you die.
You may think that just telling your family members how you want your assets distributed is enough. Or you may believe that everything you have will go to your spouse. However, there are multiple reasons why you can’t make those assumptions.
Nevada’s intestate succession
Nevada is a community property state, so if you pass away without a will, all your marital assets will go to your spouse. Your separate property is distributed based on Nevada’s intestate succession laws:
If you are survived by your spouse and have one child, the estate will be split evenly between the two. If you have more than one child, your spouse will get one-third of your estate, and the other two-thirds will be divided evenly among the children.
If you and your spouse have no children but your parents are living, the estate is divided evenly between the two. If your parents have passed away, their half is split among your siblings. If you die and have no surviving spouse, children, parents or siblings, then your closest living relative inherits the estate.
But what happens if you tell someone you want them to have certain personal belongings after you pass away? Unfortunately, a verbal agreement regarding your estate won’t hold up in a court of law. Without a signed and witnessed document, it will be a challenge to prove your wishes.
In addition to deciding how your assets will be distributed, there are other reasons for creating a will, such as:
- Naming a guardian for any minor children
- Appointing an executor to oversee the distribution of your estate and handling final expenses
- Stating your preference for funeral arrangements
It’s not easy to find the time to create your will. However, working with someone who understands Nevada’s probate system can make the task easier and ensure your will is legally sound.