If you are moving to Nevada from another state, you should consider updating your estate plan to reflect Nevada estate planning laws. Nevada’s law may be different than the state you moved from, and you will want to make sure that your estate planning documents will work effectively.
Before you take the necessary steps to update your estate plan, you need to first hire a Nevada estate planning attorney who can help you with this. At Morris Estate Planning Attorneys, our collective years of experience and estate planning have equipped us with the knowledge we need regarding the specific estate planning laws in Nevada. Keep reading to find out why updating your estate plan is important and how to go about doing it.
Does an Estate Plan Need to be Updated if You Move to Nevada?
When you have an estate plan in place, it is essential that you understand the laws that apply to your plan. If your estate plan does not follow state laws, it could be found to be invalid or could pose issues for your loved ones after you have passed away. Not every state has the same laws regarding wills and trusts, so you will want to update your estate plan no matter where you move to or where you are moving from.
Here are some of the things that you will most likely need to update when you move to the state of Nevada:
- Beneficiaries: Your beneficiaries may need to be updated. You should consider updating your beneficiaries as minor beneficiaries become adults, as any beneficiaries predecease you, or otherwise you want to add or remove beneficiaries for any number of reasons. Failing to update your beneficiaries could result in your assets going to the wrong people or making the process more difficult.
- Guardianship: In Nevada, you should name a guardian who will take care of any minor child if you were to pass away. You should also name guardians to make your health care and financial decisions in case you become unable to make those decisions in the future. Naming a guardian ensures the right individuals are appointed to care for the minor child and for yourself.
- Intestate succession: Nevada has laws which require your property to go to your next-of-kin after you have passed away, if you have not otherwise executed a valid will or trust or properly designated beneficiaries on your assets. This can alter who inherits your property and also the process in which they inherit your property.
- Power of attorney: Because different states can have different power of attorney requirements, it is important that these documents are compliant with Nevada laws. If you fail to do this and your power of attorney is not valid, this can cause serious issues later on.
- Property ownership: Nevada is a community property state, but most other states are separate property states. This means that for married couples, you have more options in how you structure your estate plan in Nevada compared to states that are separate property states. This can be an important part of your estate plan for tax purposes or in the event of a divorce.
- Taxes: Nevada does not have any inheritance tax or state income tax. Other states you moved from may have either or both of these taxes. After you move to Nevada, you should consider having your estate plan reviewed and modified to avoid unnecessary tax implications in the event you pass away.
Before you begin updating your estate plan, you need to hire an estate planning attorney in Nevada to assist you with this process. They will be up-to-date with Nevada laws and can help you update your estate plan quickly and efficiently without the risk of missing something or updating it incorrectly.
How Often Should You Update Your Estate Plan?
Although updating your estate plan can be inconvenient, it is often a very important task to ensure it is legally binding and compliant. Something to keep in mind is that there are also instances when you should update your estate plan even if you haven’t moved out of state, including:
- New child or grandchild: Whether you have had a new child, adopted child, or have had a grandchild, you may need to update your estate plan if you want to make sure they inherit any portion of your assets upon your death.
- New marriage or divorce: If you have gotten a divorce, you should update your estate plan to reflect this so that your ex-spouse is not named in your estate planning documents. You will also want to update your estate plan if you enter a new marriage or if you are in a relationship and want your partner to become a beneficiary.
- Legal changes: Estate planning laws can change in Nevada every other year depending on the legislative activity, which is why it is essential to update your estate plan as necessary so that it stays compliant. Your estate planning attorney can help you do this, as they will be up-to-date with any legal changes.
- Child turns 18: If you have minor children in your estate plan and they turn 18, you may want to update your plan to reflect this. Children over the age of 18 will no longer need appointed guardians, and you may want to update their role or what they will receive at the time of your death.
- Death in the family: If there is a death in your family, you may need to update your estate plan, especially if the individual is a beneficiary. If you fail to do this, it can cause confusion later on regarding where their portion of your assets will go.
- Asset changes: If you have received an inheritance, accumulated more wealth, or purchased more assets, you may need to update your estate plan to reflect this so that these things can go to an appointed beneficiary at the time of your passing.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
Having an estate plan in place is essential for preparing for the future and ensuring your loved ones receive your assets and heirlooms after you have passed away. If you already have an estate plan and you are moving to the state of Nevada, you will need to make some updates to this plan to reflect the laws your estate plan will have to be compliant with.
At Morris Estate Planning Attorneys, our estate planning lawyers are dedicated to providing our Nevada clients with assistance they need as they navigate Nevada estate planning laws. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.