Nevada Wills, Trust, and Probate

Planning for the disposition of your assets in the event of your death can be an unnerving experience. But, it is important to formulate a well-drafted estate plan to be sure that your loved ones are taken care of after your death. An estate plan may include a will, trust, healthcare surrogate designation, durable power of attorney, and/or advanced care directive.

Seek counsel from a Nevada estate planning lawyer about creating your estate plan or about any revisions you make to your estate plan. You should be sure to update your will whenever significant events occur in your life, such as marriage, birth of children, divorce, retirement, and/or special needs.

Nevada Will

Failing to write your will in accordance with Nevada law may potentially result in an undesirable dispensation of your assets after your death. To meet the requisite Nevada will formalities, make sure that you have:

• Witnesses: Nevada law necessitates that two witnesses sign the will in the presence of the testator.
• Notarization: Your will does not have to be notarized in Nevada to be legal unlike in several other states which do require a written will to be notarized. A notarized will in Nevada is considered a self-proving will. A self-proving will is beneficial because it means that the original witnesses to the will do not have to be located and made to attest to the will in probate court after your death. Finding witnesses, sometimes years after the will has been signed, can be troublesome and time consuming.

Because Nevada has a strict set of legal rules and formalities for writing and legalizing a will, consider finding a Nevada will attorney to guide you through the process.

Changing a Will in Nevada

To alter your Nevada will, write down alterations on a separate piece of paper and attach it to your old will. This piece of paper is called a codicil. Alternatively, revoke your old will by destroying it (i.e.-by burning, tearing, or obliterating), and crafting a new will in its place. Make sure that whichever way you choose to revise or alter your will, you do so in accordance with Nevada legal requirements.

If you do choose to change your will, ask a Nevada will lawyer about how best to modify your will and meet Nevada legal conditions for a proper will.

Nevada Trust

A Nevada trust is a flexible, confidential vehicle you can use to dispose of your property after you die. Trusts can save you money on taxes and provide you with an opportunity to circumvent the probate process. Trusts may have a variety of purposes, such as education, special needs, charity, or life insurance. A Nevada trust lawyer can facilitate the construction of a trust that best suits your personal situation. Your trust can be revocable, irrevocable, or inter vivos depending on your desires.

Nevada Probate

When a resident of Nevada passes away, the property he mentions in his will may go through probate. Assets not accounted for in a will, or assets not designated for specific people because the decedent did not leave a will, pass by intestate succession. According to the intestate succession allocation system, Nevada law will decide how to distribute a decedent’s estate based on proximity of blood relationship to the deceased.

If property is vaguely allocated in a will, or if property is distributed according to intestate succession, and there is a discrepancy regarding who should inherit from the estate or how much a person should inherit, any interested person may petition the probate court to rule on the correct distribution.

A surviving spouse, children, grandchildren, parents or siblings of a decedent may follow an out of court affidavit procedure in Nevada if the decedent’s estate does not include real property and the entire estate is worth $20,000 or less. By filing an affidavit, the decedent’s close family can avoid the formal probate process.

The following groups of people may have a share in a decedent’s estate according to intestate succession (non-exclusive):

1. Spouses
2. Children
3. Grandchildren
4. Parents
5. Brothers and sisters
6. Grandparents

• The following property does not go through property:
  • non-probate assets – there is a an unambiguous recipient of the property designated in the will;
  • contract assets – to be paid to a particular recipient, and that include life insurance policies, IRAs, and inter vivos trusts;
  • jointly held property – property, ownership of which is shared by the deceased and by other parties. When the deceased dies, ownership of the property passes to the other parties. Jointly held property includes, not exclusively, cars, shared homes, and bank accounts.

Talk to a Nevada probate lawyer about any worries you have about your will because after the will is created, interested persons can still contest the will.

Nevada Statutes

Nevada Revised Statutes, Title 12 – Wills and Estates of Deceased Persons

1. Probate Code: Wills
   • Nevada Revised Statutes, Tit. 12, Chp. 133.
2. Probate Code: Intestate Succession
   • Nevada Revised Statutes, Tit. 12, Chp. 134.
3. Probate Code: General Provisions
   • Nevada Revised Statutes, Tit. 12, Chp. 132.
4. Probate Code: Administration of Estates
   • Nevada Revised Statutes, Tit. 12, Chp. 136.
5. Nevada Trust Code
   • Nevada Revised Statutes, Tit. 12, Chp. 163.