FREQUENTLY ASKED QUESTIONS ABOUT NEVADA ESTATE PLANNING
What does a Will do?
A will provides for the distribution of certain property owned by you at the time of your death, and generally you may dispose of such property in any manner you choose. However, a will does not control the disposition of non-probate asset, such as joint accounts and life insurance.
Does Nevada recognize holographic wills?
Yes. A holographic will is a will in which the signature, date and material provisions are written by the hand of the testator, whether or not it is witnessed or notarized.
Can I prepare my own will?
There is nothing prohibits you from preparing a do it your self (“DIY”) will; however, it is easy to make an error that can have disastrous results.
How does marriage or divorce affect my will?
If a person marries after making a will and the spouse survives the maker, the will may be revoked as to the spouse. On the other divorce or annulment of the marriage of the testator revokes every devise, beneficial interest or designation to serve as personal representative given to the testator’s former spouse in a will executed before the entry of the decree of divorce or annulment.
What happens if I have a child after executing my will?
When a child is born after the making of a will and no provision is made for the child in the will, the child is entitled to the same share in the estate of the testator as if the testator had died intestate, unless (a) it is apparent from the will that it was the intention of the testator that no provision should be made for that child; or (b) the testator provided for the omitted child by a transfer of property outside of the will and it appears that the testator intended the transfer to be in lieu of a testamentary provision.
Must a durable power of attorney for financial matters be signed by the principal?
A power of attorney must be signed by the principal or, in the principal’s conscious presence, by another individual directed by the principal to sign the principal’s name on the power of attorney.
Are certain persons excluded from serving as an agent?
If the principal resides or is about to reside in a hospital, assisted living facility or facility for skilled nursing at the time of execution of the power of attorney, the principal may not name as agent in any power of attorney for any purpose: (a) the hospital, assisted living facility or facility for skilled nursing; (b) an owner or operator of the hospital, assisted living facility or facility for skilled nursing; or (c) an employee of the hospital, assisted living facility or facility for skilled nursing UNLESS the person is the spouse, legal guardian or next of kin of the principal.
Will a power of attorney executed when I was living in another state be valid in Nevada?
A power of attorney executed in another state is valid in Nevada if, when the power of attorney was executed, the execution complied with: (a) the law of the jurisdiction that determines the meaning and effect of the power of attorney pursuant to NRS 162A.240; or (b) the requirements for a military power of attorney pursuant to 10 U.S.C. § 1044b.
When does a power of attorney become effective?
A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. If a power of attorney becomes effective upon the occurrence of a future event or contingency, the principal, in the power of attorney, may authorize one or more persons to determine in a writing or other record that the event or contingency has occurred.
If I nominate more than one agent, do they have to agree on all decisions?
A principal may designate two or more persons to act as co-agents. Unless the power of attorney, whether for financial or healthcare decisions, otherwise provides, each co-agent may exercise its authority independently.
Can someone sign a health care power of attorney for the principal?
A power of attorney for health care must be signed by the principal. The principal’s signature on the power of attorney for health care must be: (a) acknowledged before a notary public; or (b) witnessed by two adult witnesses who know the principal personally.
Are there any special requirements for a power of attorney if I am in a hospital at the time I execute the document?
If the principal resides in a hospital, residential facility for groups, facility for skilled nursing or home for individual residential care, at the time of the execution of the power of attorney, a certification of competency of the principal from a physician, psychologist or psychiatrist must be attached to the power of attorney. This applies to powers of attorney for financial matters and health care decisions.
Are there certain procedures my health care agent cannot consent to?
The agent may not consent to: (a) commitment or placement of the principal in a facility for treatment of mental illness; (b) convulsive treatment; (c) psychosurgery; (d) sterilization; (e) abortion; (f) aversive intervention, as that term is defined in NRS 449.766; (g) experimental medical, biomedical or behavioral treatment, or participation in any medical, biomedical or behavioral research program; or (h) any other treatment to which the principal, in the power of attorney for health care, states that the agent may not consent. For example, certain persons may indicate for religious reasons they do not desire a blood transfusion.