The Case of the Last Will and Testament in NevadaLife is fleeting, and the best that anyone of us can do is to make the best out of it for our loved ones and us. Besides living our best lives, we need to try and make the lives of others better. And making a difference doesn’t have to be this tough task you take on. While you may not come up with a cure for cancer, you could leave some of your estate to a foundation that could help. You could also make a difference by leaving your child with that antique watch that has been in your family for years, or you could create a business succession plan ensuring that you protect your business and keep it in the family, even if you have independent boards running. What we mean is that you could leave a lasting legacy or ensure that you are not forgotten too soon. All you need to do is to create and execute a last will and testament. It is a simple process, and you could create one today if you download a free Nevada last will and testament form.
The difference between a last will and a living willThe last will refers to a legal instrument that recognizes and respects your wishes pertaining to what happens to your estate, kids, or pets upon your demise. Even though you make a will at any time from when you are 18, your wishes will be acted upon only after your passing. On the other hand, a living will - which you could also prepare when you are 18 – is only enforceable when you are alive and unable to act or if incapacitated. Powers of the living will cease upon your death while those of the last will come to life upon your death.
What can you do with a last will?
- Create testamentary trusts
- Besides kids, you could also use your free last will and testament in Nevada to create a testamentary trust for your pet. Understandably, proper care of pets is expensive hence the need for a trust to ensure that the animal gets the best care. Pet trusts expire upon the death of the animal.
- Protect your children
- Other than the last will's use in creating a trust, the last will form has a section that lets you name a guardian for your kids. Seeking guardianship for your children will not only make sure that you have a trustworthy person managing the inheritance for your kids but also ensures that if something happens to both parents or one parent when the other parent is not around, your children do not suffer.
- Appointment of an executor
- You know that person you can trust to take care of things in your absence, consider appointing them your executor. An executor will manage your estate – pay debts and taxes – and also divide the property as per you will.
- Asset protection
- Through a will, an executor will follow your wishes to the latter. If you wish to keep the business in the family or to protect your assets, you could create a disclaimer or a dynasty trust. These trusts work differently: the dynasty trust will keep your assets in the family while the disclaimer trust effectively shelters assets for your surviving spouse.
- On the other hand, you could create an education trust if you wish to accumulate your assets. These are the perks of the complex trust which you may need to fit your needs. Note that a complex trust is more comprehensive than the simple trust and you could even use it to shelter your large estate from tax issues by creating a credit shelter trust.
- Asset distribution
What makes a last will valid?As per the requirements of code section 133.020, et seq., a testator creates a will, and they should be at least 18 years when creating it. The testator should be of sound mind and acting on their own volition, and they should sign the will in the presence of 2 adult witnesses. The witnesses also have to sign the will to attest to the testator's willingness and soundness of mind at the time of signing the will. Testator should name the beneficiaries or heirs to the estate. The will should be in writing. In Nevada, handwritten (holographic) and electronic wills are acceptable.
Proving validity of the will
- Before effectuation the probate court has to prove its contents. Probate refers to the court-supervised process of distributing a deceased estate. 5 possibilities exist in the state under probate administration (the administration depends on the value of the estate):
- Asset Set Aside without administration
- Affidavit of entitlement
- Summary administration
- Regular administration
- Independent administration
- These are the laws effectuated by the state to distribute assets when someone dies without a will. Here is what happens:
- Your surviving spouse will inherit your entire estate if you don’t have kids. But if you have kids, then your spouse will inherit the community property as well as one half or one-third of the separate property.
- If you have kids but are survived by parents and a spouse, these surviving parties split your estate.
- And without kids, parents, or a spouse, your closest relatives inherit the estate (siblings and grandparents then aunts and uncles, etc.)