If you’re moving to Nevada, you might wonder whether updating your estate plan is necessary. After all, it seems like every time you turn around, a new state has passed some law or amendment that affects estate planning in some way.
And while Nevada is no different than other states when it comes to the laws surrounding probate and estate administration, there are a few reasons why you should update your documents after moving here.
In this article, we take a look at whether you need to update your estate plan after moving to Nevada. Stay with us to find out whether it is necessary, and how you can plan for it.
You Will Have to Update Your Estate Plan
Your circumstances have changed, so you must review and update your estate plan. If you are moving from another state, or if someone has recently passed away in the family, then some changes will likely need to be made. Here are some examples:
If one child is now living with their significant other in Nevada while another child still resides in Texas, then their inheritance may be divided up differently than originally planned (for example, if only one child receives property).
If an elderly parent is moving into assisted living or nursing home care near Las Vegas.
You should update your estate plan after you move to Nevada for several reasons. Most of them relate to the laws of intestate succession and how they differ from other states.
In general, intestate succession is dividing up your assets if you don’t leave a will. The laws regarding this vary by state; in Nevada, for example, the order of inheritance depends on who is listed in your estate plan (your spouse gets everything if there is no surviving spouse).
If it’s not clear who should inherit from you under those circumstances–for example, if there are multiple children but only one child has been named in your will–then probate court will decide who gets what based on their interpretation of state law.
You Can Choose Who Will Receive Your Assets
In Nevada, you can choose who will receive your assets if you do not leave a will or trust. If no beneficiary is named in the policy, it will go to the state.
However, if multiple beneficiaries are named on the policy and one or more of them dies before you do, that person’s share goes back into your estate as part of their inheritance.
If one child passes away before their parents do, then all other remaining beneficiaries would inherit that child’s portion of the plan rather than having it go directly back into state coffers via escheat laws like those found in most other states across America.
List People on Estate Planning Documents
In Nevada, you must list certain people on your estate planning documents, such as your spouse or domestic partner and any minor children born or adopted after the documents are completed. Your guardian will be responsible for raising the children if both parents die. This person should be someone close to the family and able to provide love and care for them until they reach adulthood.
In addition to naming a guardian for minor children, it’s also important that you appoint an executor of your estate–a person who will handle all financial matters related to settling your affairs after death (such as paying bills).
Your beneficiary designations may not be valid in Nevada if they have outdated values, especially because they may have changed since the last time you updated them.
- You need to update your beneficiary designations.
- You should update your beneficiary designations every time you get a new account or make any changes to an existing account, as well as every year or so.
- You can update your beneficiary designations online at most financial institutions and brokerages (here’s how).
- If you don’t have internet access, call your bank or brokerage and ask them how they accept updates. Some companies have phone numbers where you can call in changes; others will mail forms directly to customers who request them by mail (which is slower but easier).
You Should Update Your Estate Plan After Moving Out of State
If you move out of state, you need to update your estate plan. If not, it’s possible that your intentions won’t be carried out, and loved ones could be left with uncertainty or confusion about what should happen to your assets and property.
It’s also important to remember that an estate plan is a living document–it should be updated regularly as life changes occur. This can include marriage and divorce; having children or grandchildren; buying or selling property; getting new jobs; starting new businesses; creating trusts for disabled family members who live at home with you now but may move into an assisted living facility later on in life (and vice versa).
You should consult with an attorney specializing in estate planning as soon as possible after moving so he/she can review all aspects of your current plan before making any updates based on where you live now instead of where you used to live before moving away.
We hope this article has helped explain why you should update your estate plan after moving to Nevada. If you have any questions about how to do so, please contact us today!
We at The Bourassa Law Group are here to manage all your legal troubles in the state of Nevada. Call us at (800)870-8910 and talk to our legal resource for directions.
3 Mistakes to Avoid When Creating an Estate Plan
According to a recent survey, 67% of Americans don’t have estate plans. This may not seem like a big deal, but having an estate plan in place helps you manage and distribute your assets after your death, providing your loved ones with financial and emotional support. However, it’s important to work with a professional estate planning attorney to […]
5 Benefits of Hiring a Wills and Estate Lawyer
In this era of information, many people wonder if it is worthwhile to spend money and time on a lawyer to assist them with their wills and estate planning. Online forms are quite alluring due to their low cost, and it is assumed that they must be legitimate if they are being sold. Sadly, your […]
5 Estate Planning Tips to Ensure Your Loved Ones Are Protected Following Your Demise
If you’ve worked hard to establish a solid portfolio of properties and financial assets, you need to act while times are good and build an estate plan to protect your family and loved ones in the future. Having an estate plan is one of the best end-of-life plans you can make and control what happens […]
A Brief Overview of Probate in Nevada
After someone dies, the court supervises the transfer of their assets and the settlement of their debts and taxes during a process known as probate. Due to the length and cost of this process in Nevada, many people opt for Trusts or other alternatives to avoid it. In this article, we will provide a brief […]
A Quick Guide to Quick and Effective End-of-Life Planning
It’s never easy to talk about end-of-life planning. Nonetheless, the talk will go more smoothly if you are prepared. Practically speaking, planning for the end only means reducing the burden you might one day place on your loved ones. Like other aspects of your estate plan, making an end-of-life plan might be difficult, but you can […]
An Explanation Of Wrongful Death (And What To Do Next)
A wrongful death claim is when surviving family members bring a civil claim against a party who caused the death of a loved one. When a loved one passes prematurely, whether it’s due to the reckless or negligent actions of another, it’s extremely painful; bringing the at-fault party to justice can provide solace and support for […]