Secure Your Legacy: Nevada Last Will and Testament Explained

Wills are legal documents that outline how you want your assets distributed among family members after your death.

Some people mix up a last Will and Testament and a Living Will. The living Will is practical during your lifetime and includes instructions for the executor to follow if you cannot make your healthcare judgments.

A Will can also be used to name a guardian for minor kids and make funeral and burial arrangements.

Having a Will allows you to have complete authority over your assets and property disposition after you pass away.

Overall, having a valid Will in place is a great way to guard your loved ones and ensure that your desires are followed after you pass away.

What are the Conditions to Create a Valid Last Will and Testament in Nevada?

These are the conditions for creating a legally valid Will in Nevada:

Age

You must be 18 or older to form a legally binding will in Nevada.

Formal specifications

Wills in Nevada must be in writing, witnessed by two individuals, and signed by the testator over the age of 18 and witnesses who are not named as beneficiaries in the Will. The date on which the Will is created should also be included.

Nevada also recognizes holographic Wills (handwritten) and electronic Wills that are by Nevada law.

Mental capacity

To make a Will, you must comprehend the nature of your assets and the consequences of making a Will.

If it is known that you are not of sound mind, your Will will be deemed invalid.

What Types Of Assets Can You Include in Your Will in Nevada?

In Nevada Wills, you can include a variety of assets, such as:

Financial accounts

For example, Bank accounts, retirement accounts, and investment accounts can all be included in your Will.

If you already had the names of beneficiaries on the forms when you created them, you do not need to incorporate them in the Will. When you die, the nominee automatically gains access to these accounts.

Business interests

If you have one, you can include your ownership interest in a business in your Will.

Real estate

You are free to include any real estate you own, such as your house, rental properties, etc. Some people prefer to leave their home's ownership rights to another person through a life estate.

Personal property

Any material provisions you possess, such as furniture, jewelry, and so on, can be included in your Will.

It is critical to understand that certain assets may be excluded from your Will depending on how they are owed. For example, if an asset is held in trust or jointly with the right of survivorship, it may be excluded from your Will.

If you want to include assets like these in your Will, consult with an attorney to figure out how to do it correctly.

Should You Consider Any Exceptional Circumstances While Creating a Will in Nevada?

Yes, you should consider special circumstances when writing your Will, such as providing for a disabled family member or a minor child without the hassle of going through the probate process.

If you have a disabled family member, you should make a Will to ensure their needs are met after you die. This can include making care arrangements or simply providing financial assistance.

In your Will, you can assign a guardian for minor children who will look after them in the event of your death. Consider naming a backup guardian in case the primary guardian is unable or unwilling to act to care for the children.

Without a Will, your surviving spouse may be required to notify the probate court and account for the children's share of estate assets.

The surviving spouse may also need to post a bond to ensure that the children's property is handled until they reach the age of majority.

Can You Name an Executor or a Personal Representative in Your Nevada Last Will and Testament?

In a Nevada last Will and Testament, an executor (also comprehended as a personal representative) is the individual named in the Will to handle the distribution of the deceased's assets and property according to the terms of the Will.

The executor is responsible for gathering and inventorying the deceased's assets, paying any outstanding bills and taxes, and allocating any remaining property to the beneficiaries named in the Will.

The executor should be a competent witness, a reliable and responsible individual who can handle the estate administration. It is critical to carefully consider your executor selection, as this person will play a critical role in carrying out your final wishes.

Can You Make Changes to a Valid Will in Nevada?

Yes, you can modify your Will at any time, and you have several options for doing so. The most common options are to create a new Will and Testament or a codicil.

A codicil is a legal document that lets you make minor modifications to an existing Will, such as removing a beneficiary. Similar to the last Will and Testament, it must be signed, witnessed, and physically affixed to the Will in order to be considered valid.

You should make a new living Will if you want to make notable changes to your Will or revoke it entirely. A new Will replaces any previous Wills, so it should be carefully reviewed.

When making changes to your Will, you should consult an attorney to ensure that the changes you make are legally valid and accurately reflect what you want.

Why Should You Periodically Review and Update Your Will in Nevada?

Revisiting and updating your last Will and Testament is critical to ensure that your desires are accurately reflected as your circumstances change.

Some common life events that may necessitate updating your Will are as follows:

Nevada legislative changes

Because the law governing Wills is constantly changing, you should review your last Will regularly to ensure that it complies with current Nevada law.

Purchase or sale of a large asset

If you buy or sell a substantial asset, such as a business or a home, you should review your existing Will to ensure that it accurately reflects your intentions for that asset.

Relationship alterations

If you marry or divorce, you can review your Will to ensure that it properly reflects your desire to distribute your assets.

If you have or adopt a kid, you should review your Will to ensure they are cared for after you die. If your relationships with your Will's beneficiaries change significantly, and you want to remove them from the Will, you should also update it.

Reviewing your Will every few years or whenever a significant life event occurs is critical.

Do Wills in Nevada Have to be Notarized?

Wills written in Nevada are not required to be notarized in order to be valid. They should be in writing, witnessed by two people, and signed by a testator to be valid.

While notarization is not required in Nevada, some people choose to sign it to have their Will notarized as an extra precaution to ensure its validity.

Notarization requires a notary public to witness the signing of the Will and affix their signature and their official seal to it. This provides more proof of Will's legitimacy.

What Occurs if You Pass Away Without a Will in Nevada?

If you pass away without forming a Will, you are said to have died "intestate." When this occurs, the property is distributed in accordance with Nevada's intestate succession laws.

Because the property is distributed in accordance with Nevada law, there is a chance that the distribution will not go as planned.

As a result, even if you don't own a lot of personal and real estate, it's always great to make a legally valid Will. Such Wills let you specify how you want your entire estate divided among your loved ones after you die.

The Bottom Line

Making a last Will and Testament is essential. Making a Will and stating your preferences explicitly also aids in avoiding disagreement among your loved ones and safeguarding your family's future.

While the procedure may seem daunting initially, it is quite simple with an attorney's help or online resources.

Updated on: June 8, 2023