Have you recently moved to Henderson?
Here’s what you need to know about Estate Planning in Nevada
Henderson is a great place to live. Although it is just a few miles from the Las Vegas Strip, you don’t have to leave town for entertainment because you can visit the Galleria Mall, gamble, bowl or watch a movie at the Sunset Hotel & Casino, be pampered at the Lake Las Vegas Resort, golf at Rio Secco Golf Club, or attend exciting cultural events such as the annual Arts Festival of Henderson, held each May on Water Street.
Review Your Estate Plan When You Move
Whatever Henderson activities you decide to pursue, you’ll also want to schedule a time to have your estate plan reviewed. If you’ve relocated to Henderson from another state, the laws in Nevada will be different from the laws in your previous state. Making sure that your existing estate plan will work as you intend it to when Nevada laws are applied can prevent unintended consequences.
If you’ve relocated, you’ll want to choose a Nevada Attorney to review your documents. Doing so will make things much easier on your family when the time comes to settle your estate.
Advance Planning Makes a Difference
Estate planning is not just for wealthy people. Each state writes laws for its citizens that determines how their assets will be distributed if they don’t write their own will. In Nevada:
If you die without writing a will, your estate will pass according to the laws of intestate succession. If you are married, your spouse is entitled to ½ of your community property. If you are not married your assets would pass to your children, and if you had no children, your estate may pass to your parents, or if they are no longer living, your siblings.
Although no one likes to talk about their eventual death, failing to have an estate plan in place can create complications including lengthy or costly probate. Unanticipated surprises are the last thing you want your loved ones to worry about after you’re gone. Advanced planning ensures that your wishes are carried out when you’re no longer here to oversee your assets.
In addition to updating your estate plan when you move, reviewing your will or trust documents when you get married or divorced, is also a good idea. If you do elect to set up a trust, a qualified attorney can assist you in making sure your real estate holdings are properly titled in the name of the trust. Unfortunately, sometimes trust documents are correctly set up but the property or properties are never transferred into the trust name. The result, you will have to probate the estate. An experienced Nevada attorney can assist you in avoiding these costly mistakes.
Now is a Good Time to Plan
Living in the Mojave Desert ensures you’ll never have to shovel snow. The pleasant year-round weather makes it easy to live a full life in Henderson. The opportunities for fun are endless. Whether you chose to spend your days rehearsing for an upcoming performance in the Theatre in the Valley, eagerly anticipating the opening of the Oakland Raiders practice field, or riding on River Mountains Loop Trail, it is easy to forget to take care of your estate plan, but you and your loved ones will rest easier once it is done.
Although we hope it will be a long time before your plan is needed, none of us know when it will be too late.
If you have minor children, you also want to make sure you:
- Name a guardian you would want to care for your children in your absence, and
- Ensure that if you pass prematurely, your children don’t gain control of the assets before they are mature enough to manage them well.
Estate planning is easy to put off for another day, but the process is painless. It’s one of those things that feel better after you tend to it and make you wonder why you waited so long. If you’d like to learn more, Drizin Law has written a free eBook, Guide to Understanding Nevada Estate Planning that can be downloaded at no charge.
Current Estate Planning Needs
If you are handling the estate of a loved one, an experienced probate attorney at your side makes the process easier. While the attorney may not ease your grief, they can do the heavy lifting so you can spend time with friends in the natural environment of Acacia Demonstration Gardens or the Henderson Bird Viewing Preserve that will help you deal with your loss.
For more than 30 years, Attorney Lee A. Drizin has practiced in the areas of estate planning, probate, trusts, guardianship and real estate matters representing clients throughout the state of Nevada.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.