Something that many people tend to overlook is planning for the distribution of their assets after they die. If someone dies without a will or a trust, Nevada has laws that distribute their assets a certain way. In addition, without having a will or trust, the administration of your estate can become more complicated, uncertain, time consuming, and expensive.
To take the necessary steps to plan for the future and get your estate in order, you should hire an estate planning attorney to help you. At Morris Estate Planning Attorneys, our collective years of experience have equipped us with the knowledge to help primarily residents of Nevada to take steps toward getting their estates in order. Keep reading to find out what happens if someone dies without a will or trust and how it impacts the distribution of their assets.
What Happens When Someone Dies Without a Will in Nevada?
If a person dies without a will or a trust in Nevada, this means that they have died intestate, which means that they do not have a will that dictates how their assets will be distributed. Intestate succession laws in Nevada ensure that your assets will be distributed to your next of kin depending on their relationship to you. These laws usually require a probate administration.
However, some assets may not be subject to the intestacy laws. Here are some examples:
- Property put into a trust
- Life insurance proceeds that have a named beneficiary
- Joint tenancy property or community property with rights of survivorship
- Payable on death bank accounts
- IRA, 401(k), or retirement accounts with a named beneficiary
- Transfer on death title for a vehicle
- Transfer on death deed for real estate
- Securities that are in a transfer on death account
Although intestate succession laws are necessary, they often are not ideal. The estate of the deceased without a will or a trust, will usually be transferred to the next of kin of a certain priority. In this situation, some assets may or may not go to the people who you want. What happens if you do not have natural heirs like a spouse or children? What happens if you have significant others or loved ones who do not qualify as your next of kin?
When you have a will or a trust, you have complete control over where your assets will go when you die. This ensures that they are distributed in accordance with your wishes.
To take the necessary steps to plan your estate to avoid intestate succession, you should hire an experienced estate planning attorney to help you.
What is the Order of Inheritance Without a Will in Nevada?
Intestate succession laws in Nevada can be confusing. Here is a rough breakdown of what will happen if you die without a will:
- If you have a spouse and children, they will inherit your separate property, but the shares depend on if you have one child or more than one child; however, only your spouse will inherit your community property
- If you have a spouse and no children, your spouse will inherit half of your separate property, and the other half will be inherited by your parent(s) or sibling(s), in that order; however, only your spouse will inherit your community property
- If you have no spouse but you do have children, your children will inherit all of your property
- If you have no spouse and no children, then your parent(s) or siblings(s) will inherit your separate property, in that order
- If you have a child or sibling that is deceased, but would have inherited from you, then their issue (descendants), if any, would inherit that share
- If you have no spouse, children, parents, or siblings, and your children and sibling have no living descendants, then more remote heirs would inherit your property
Benefits of Creating a Will in Nevada
A will or a trust allows you to dictate your final wishes, including who inherits your assets when you die. A will also helps you distribute your assets fairly.
You could also use your will or trust to leave assets to individuals, significant others, or charities that otherwise would have no inheritance rights under the laws of intestate succession. This becomes very important for those who have significant others and partners but are not married.
To ensure that your will or trust is legally binding and includes all of your assets, you should hire an estate planning attorney. They will help you draw up a thorough will or trust and update it if your assets change or you wish to remove or add beneficiaries. An estate planning attorney will also oversee the distribution of assets after your death, ensuring that your will or trust is administered properly.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
Creating an estate plan not only gives you peace of mind, it ensures that your loved ones do not have to go through a stressful process as assets are distributed. To take the necessary steps to plan your estate, you need to get legal assistance to ensure your will is legally binding and ensure your last wishes will be upheld.
At Morris Estate Planning Attorneys, our estate planning attorneys are dedicated to providing estate planning assistance to our Nevada clients. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys in Nevada.