Creating a will is a great idea for anyone looking to protect their family and assets once they are gone. A will allows you to leave your property to your loved ones, or even organizations. If you are a parent, you are also able to name a legal guardian for your children as well as naming a trusted person with the responsibility of managing money or property that you have left for your children. A will also allows you to name an executor of your last will and testament.
To create a will, you first need to create a list of all of the assets and property that you have and plan on including in your will. Any items or property that will be directly passed down by a title or contract does not need to be included in the will, as those types of items are considered “non-probate” assets. You must then decide who will inherit each asset or property, and name him or her as a beneficiary for the items you want them to receive. You must also name the executor of your estate. It is recommended that you first ask your potential executor if they would be willing to be your estate’s executor. If you have children, you should also name a guardian for any of your children that are minors.
Once you have itemized up your assets, chosen who will inherit each of them, and designated an executor, you must write your will, either by hand or electronically. If you have handwritten your will, you will need to sign it in front of two witnesses. Those witnesses must be individuals that are not inheriting anything from your will. An attorney can help you write your will and provide you with advice on matters such as a living will or estate division. Attorneys can also help walk you through the will writing process, step-by-step, ensuring that your will is completed in a timely and effective manner.
What happens if you pass away without a will? If you pass away before you have written a will, you have died, “intestate”. This means that the state of Nevada will be responsible for dividing up your property and assets. Any property the decedent shared with a spouse will go directly to that spouse. However, any property that the decedent owned prior to their marriage will be split between the spouse and the decedent’s children. If the decedent is not married at the time of their death, their property will go to their closest relative. This could be the decedent’s children, the parents of the decedent, or the siblings of the decedent. If the decedent does not have any living family, then the property will be inherited by the state of Nevada.
A will is extremely important if you want to be sure that your loved ones inherit your property. It can help spare your loved ones a lot of time, effort, and additional stress when you have passed, which can be especially painful during the time of grief. Whether you would like to get started on drafting your will, or if you have recently lost a family member and need help on knowing what to do if there is no will, we can help you navigate the intestate or probate process.