Estate Planning in Pahrump, Nevada: What New Residents Need to Know
Have you recently moved to Pahrump? Here’s what you need to know about estate planning in Pahrump.
The quiet life and low taxes in Pahrump make it a desirable destination retirement community. If you live in Pahrump, chances are that you relocated to the community so you could enjoy the warm weather and low humidity. Even if you raised your family in Pahrump, your children probably moved away for the allure of the bright lights of the big city.
When our families live far away, making sure your estate plan provides for the easy transfer of your assets is a high priority. Grown children with demanding careers and their own children to tend to can’t afford to spend months settling an estate far from home.
When you settle in Pahrump, it’s important to review any estate planning you did in another state because each state has different probate laws; a plan drafted in another state may not perform the way you intended in Nevada. Even if you’ve just moved to Pahrump from California or Arizona, developing a relationship with a Nevada estate planning attorney will make it easier on your family when the time comes to settle your estate.
Estate Planning Considerations for New Pahrump Residents
Relocating to Pahrump, Nevada, can have a direct impact on how your estate plan is interpreted and enforced. Nevada estate planning laws differ from those of many other states, particularly in areas such as community property, probate procedures, and intestate succession. Reviewing your wills, trusts, powers of attorney, and beneficiary designations after a move helps ensure your documents remain valid and reflect your intentions under Nevada law.
Review Your Estate Plan When You Move
Whatever Pahrump activities you decide to pursue, you’ll also want to schedule a time to have your estate plan reviewed. If you’ve relocated to Pahrump from another state, Nevada estate planning laws may differ significantly 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 or Pahrump estate planning attorney to review your documents. Doing so will make things much easier on your family when the time comes to settle your estate.
Failing to Plan is Planning to Fail
When you decide where to spend your golden years, part of your plan involves understanding how the state handles probate. An experienced Pahrump estate planning attorney can advise you how to create a plan that will fulfill your wishes and make the process as easy as possible on those you leave behind.
Pahrump has a slower pace than large cities, but there’s still plenty to keep you busy enough to procrastinate on taking care of your Pahrump estate planning needs. It’s better to just get it done so you and your loved ones can rest easy knowing everything will go smoothly when the time comes. Establishing a relationship with a Nevada attorney before it is time to settle your estate will ensure someone understands your wishes.
Leaving it up to your family to find a Nevada attorney after you pass on makes it more difficult for them during one of the worst periods of their life. The more decisions you can make ahead of time, the easier it will be for your loved ones.
Once you know that your plan is in place, you’ll enjoy all the activities Pahrump offers whether it’s the Silver State Chili Cook-off in Payback Park, the Grape Stomp at Pahrump Valley Winery, or the Wild West Extravaganza & Bluegrass Festival. You might also enjoy a trip down memory lane with a visit to the Pahrump Valley Museum.
What Happens if There is No Will?
If you die without a will and are a resident of Pahrump, the intestacy laws of Nevada will determine how your property is distributed. If you failed to name a beneficiary, intestate Nevada laws will apply to any bank accounts, securities, real estate, and other assets you own at the time of death. Any real estate you owned located outside Nevada, will be handled under the intestacy laws of the state where the property is located. This type of probate is typically called ancillary probate, meaning your primary probate will be initiated in Nevada, but your estate will have ancillary probate in the state where the real estate is located.
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 in Pahrump 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 is never transferred into the trust name. The result is that the estate may still have to go through probate. An experienced Nevada estate planning attorney serving Pahrump can help avoid these costly mistakes.
If I Execute a Nevada Will, Will I Avoid Probate?
That is a great question, and the answer is, it depends! If you do not own any real estate, it’s possible you could avoid probate if all of the assets of your estate are non-probate assets such as joint bank accounts, payable on death accounts, life insurance, and pensions or iras with a beneficiary.
If you are the only person on the title and you own Nevada real estate, it’s usually a good idea to speak with an attorney to determine if a trust may assist you in avoiding the probate process. A qualified Nevada attorney will be able to answer questions for the unique situation of your estate. You may also find it helpful to download our free eBook, Guide to Estate Planning in Nevada
Nevada Probate Assistance
If your loved one has already died, and you are now responsible for handling your parent’s, siblings or spouse’s estate in Pahrump, a knowledgeable Probate attorney can be of great assistance. Grieving a loved one is very stressful and that added stress can make it difficult to think clearly. There are very specific laws about how an estate must be closed after a loved one dies and going it alone is not only overwhelming but can also create legal issues for you or the estate if not handled properly. There are many qualified Probate attorneys in Nevada and you should not hesitate to reach out to one to assist you during this difficult time. While we can’t take your pain away, we can ease the strain of the probate process.
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.
