Drafting your will is one of the most important decisions you will ever make. This document determines which of your loved ones is entitled to inherit your property, administer your estate, and even raise your children. It also streamlines probate and reduces confusion or vagueness regarding your assets.
The process of drafting a valid will is important, but it can be difficult to properly adhere to all the required elements without the help of a dedicated trusts & estates attorney. Relatively minor errors could render these documents void, which can interfere with your final wishes. Let a Las Vegas wills lawyer from Cross Law Group guide you in creating a plan for legacy preservation.
A will—formally known as a last will and testament—is a type of legal document that outlines your final wishes, intended to inform your named beneficiaries of how your property should be divided after your passing. Wills can also identify a guardian for any minor children that survive their deceased parents.
Wills must meet certain requirements to be valid under Nevada law. The party creating a will—known as the testator—must be at least 18 years of age at the time, and the will must be in writing and signed by the testator. If the testator is physically unable to sign on their own, they can have someone else sign on their behalf.
Witnesses play a crucial role in implementing a will. For a will to be valid in Las Vegas, two independent witnesses must also sign the document in the presence of the testator. These individuals cannot also be named beneficiaries in that document.
The final requirement for will validity is the testator must be of sound mind when they execute their will. This is a subjective standard and one of the most common reasons for litigation when an estate is administered. A wills lawyer in Las Vegas can answer questions on the qualifications for being of sound mind and any other requirement needed to put the will in force.
Passing away in Las Vegas without a valid will in place means your estate will go through the probate process. During this court proceeding, the judge will distribute your assets through a system known as intestate succession. Instead of deciding the disposition of your own property, the court will give it to specific family members, including spouses and children.
It is not uncommon for the intestate succession guidelines to vary dramatically from what you ultimately want to happen with your estate. Creating a will gives you the power to decide how your assets are distributed.
Even if you agree with how state law would distribute your property, there is no provision for determining a guardian for your children. If you do not have a surviving spouse, the decision of who takes care of your kids will fall to the courts, which is another reason why you should work with a Las Vegas attorney on drafting a will that encompasses all your wishes.
There are many reasons why someone might want to radically alter their estate plan, from having a new child to dissolving a marriage. Nevada law allows a testator to revoke a will in a few different ways, though you should always do so under the advisement of a lawyer. It is possible to revoke a will by burning, tearing, or otherwise obliterating the document in a way that affirms your intention to cast it aside. A new will must also be drafted to replace the old one.
If you are ready to take full ownership of your estate planning process, drafting a will is the centerpiece from which all other decisions flow. You can determine how your property should be divided after your passing, which can reduce conflict among your loved ones and speed the process along when that time finally comes. Instead of preparing this document yourself and opening it up to errors and challenges, let a Las Vegas wills lawyer assist you with this critical task. Give us a call for more information.