Over the course of your life, you earn many things. Protecting your assets is of the utmost importance, and an experienced wills attorney knows this. Unfortunately, the laws surrounding estate planning are constantly changing, and so is the best method to safeguard your estate. From estate taxes to planning options, seeking the counsel of an experienced attorney to guide you through Estate planning and asset protection can provide you with peace of mind.
If you die before leaving a plan for your family, they can face obstacles and financial penalties. Possessing a legally valid will avoids these complications — it is how you can be sure your family is cared for after you are gone. When drafting a will, you can choose both who receives your assets and who will manage your estate to ensure this happens, otherwise known as selecting an executor.
According to recent studies, most Americans do not possess a valid will. In the absence of a will, Nevada state law will decide how your assets are to be allocated. Creating a will provides assurance that your family or other inheritors will be cared for as you desire.
WHAT TO INCLUDE IN A WILL
What ought to be addressed in a will varies depending on your family, assets, and intentions. Let Reno Family Law Attorney Gloria Petroni use her extensive experience creating wills for clients throughout the state of Nevada to help you determine what needs to be included in your own will. Here are some factors that commonly need to be decided:
- What property to include in your will.
- Who will inherit your property.
- Who will act as executor to handle your property.
- Who will act as guardian for your children.
- Who will manage your children’s property.
- Who you wish to disinherit.
If you have young children, creating a will is especially important, because it can designate their guardianship in your absence. A wills and trusts attorney can help you determine which provisions and transfer instruments are best suited to your needs and objectives. Informed and proactive planning can provide you with the security that your intentions will be carried through.
Even if you already have a trust, you may still require a will. Whereas a trust allows you to determine how and when particular assets will be disbursed, and helps to minimize costly taxes, a will addresses the sum of your assets.
WHY IT IS IMPORTANT TO HIRE A RENO WILLS ATTORNEY?
Standard will templates that you find online are not vetted by local legal experts. Using one of these without seeking any counsel could lead to many complications during the administration of your estate. At that point, it will be too late to make any changes, and potentially very costly — both financially and emotionally — for your loved ones. Hiring an experienced wills lawyer will cost more upfront than a free template, but the peace of mind you will receive in return will be well worth it.
WHAT HAPPENS IF I DIE WITHOUT A WILL IN NEVADA?
In Nevada, when you die without a will, your assets are distributed to your closest relatives under “intestate succession” laws. Intestate succession laws only affect assets that would have passed through your will — in other words, the assets that you own alone.
It is especially necessary to have a will if you desire any of the following upon your death: if you want your property to go to non-relatives, if you want your property to go to specific relatives, or if you want to attach conditions to an inheritance so that a minor receives it when they are ready to manage it appropriately. If you need help with a will or estate planning, contact an experienced Reno family law attorney at Petroni Law Group. Call us at 775-420-4221 today.