You just moved to Nevada from another state. After you are settled in and you are going through your checklist of important things to complete, you realize that you don’t know if your estate plan that you have from another state is good in the State of Nevada. An estate plan will generally consist of a simple will or a trust.
Generally, an estate plan executed in another state is valid in Nevada if you have followed the formalities required in the state where you executed your will or trust. However, there are things you need to know. If you are moving to Nevada from one of the community property states, there will be no difference in the law if you are married and working in Nevada. The money you and or your spouse earns is community property meaning each of your incomes is half the property of the other party. If you come from a noncommunity property state, you probably need to discuss how property rights are different in Nevada than the state you came from.
This may impact a business you purchase or start in Nevada as your efforts in working on the business may create a community interest in the business. Even if you owned the business at the date of marriage many years ago, moving to a community property state may create a community interest in your business with your spouse or domestic partner. This not just an issue in a divorce, but if you die without making some provision for your spouse to receive his or her half the community interest in your business or they have not otherwise agreed to waive that community interest in a written document, they can make a claim against your estate on your death for his or her community interest in the business. This often happens when one spouse tries to leave his or her business to a child from a previous marriage or another family member. Business valuation experts may be hired to determine the separate and community interest in the business during your life or upon your death, but the message here is to get informed by an estate planning lawyer that understands community property so you can understand your rights and plan out your estate with full knowledge of the issues surrounding your business in the event of your incapacity or death.
If you have any questions regarding the impact of community property laws on a business when you move to Nevada, please contact Petroni Law Group at 775-420-4221 or email@example.com.