Estate Planning FAQ
If you have any property, real or personal, and you are concerned about who receives that property upon your death, then you need a will.
What happens if I die without a will?
If you fail to plan your estate and die without a will, the laws of the State of Nevada will create an estate plan for you. This means that the State of Nevada will determine who receives your property and how that property will be divided. There is no flexibility in the law that provides for the distribution of your property and therefore it may not be distributed in the way you desire.
The purpose of a Trust is to create an "Artificial Legal Person" to protect, hold, and manage private wealth for the benefit of heirs. The Trust is initiated or created by a person or grantor. Under a Trust, property is transferred into the name of the Trust and a designated trustee is charged with the responsibility of managing the assets and income for the benefit of all beneficiaries.
Who will raise my minor children after my death?
If you die leaving minor children, typically the surviving parent will raise and support the children. However, if the other parent is not living, your minor children will require a "guardian". A guardian is an individual who is appointed by the court to care for a minor. You may appoint a guardian for your children in your will. If you fail to do so, the court will make the selection of a guardian.
What is a durable power of attorney?
A durable power of attorney is a written document in which you, as the principal, designate someone you trust, such as your spouse, a family member, friend or a professional, as your "attorney-in-fact" or "agent". Your attorney-in-fact is authorized to perform certain acts on your behalf, such as signing deeds, entering into real estate transactions, and filing tax returns. If the power of attorney is "durable" it will not be affected if you become disabled or incapacitated.
A health care proxy is a document in which you may designate an individual to make decisions concerning your health or medical care. While you are competent you are in charge of decisions which pertain to your health care.
Can I create a list of personal property to be distributed to certain individuals at my death?
You can create a separate list which is referenced in your will. You may change the list at your discretion as long as the list is signed and dated. The most recently drafted list will prevail at your death.
