Estate planning is important for all adults, whether they’re young or elderly, middle class or wealthy. Everyone is going to die someday, and many times it’s hard for people to face their mortality—so they skip on creating a comprehensive estate plan until the very end. While you may have every intention of planning your estate, procrastination can end up costing you dearly. You may expect to live a long life, but unfortunate incidences occur, so what happens to your property and other assets if you unexpectedly pass away?
Dying Without a Will or Trust
There are legal guidelines in place that would go into play if you were to pass away without a last will or a trust that directs the transfer of your financial assets to your loved ones. These guidelines are known as the laws of intestate succession. If you pass away without a last will, you are said to have died intestate. Under these circumstances, the probate court is required to distribute your assets under the intestate succession laws.
In Nevada, your spouse would get everything if you have no children. If you have children, but you don’t have a spouse, your children would get everything. If you have both a spouse and children, your spouse would inherit all of the community property, and your spouse and children would share your separate property. Community property is property owned jointly by a married couple, while separate property is any property acquired before marriage, after divorce, by gift or inheritance during marriage, or during marriage with separate property funds.
While this is just a glimpse as to what may happen if you die without a will or trust, it shows the importance of creating an estate plan. If you want to make sure your wishes are carried out and your assets are given to specific beneficiaries or heirs, you need to create a will or trust. At Viloria, Oliphant, Oster & Aman L.L.P., our qualified Reno estate planning attorneys can make sure all of your wishes are met after you pass away.