It is not uncommon for Nevada residents to think that a will is only needed for those with substantial assets. In fact, properly prepared wills that are up-to-date could benefit all those who care about their immediate family. However, professional help may be necessary to ensure that all legal requirements are met.
In a will, an individual can name a guardian to be responsible for underage children after his or her death, and if such a wish is not recorded in a will, the judge will appoint a guardian. It is important to update a will when any changes takes place in one’s life. Events such as divorce, re-marriage, the birth of a child and deaths may need to be incorporated into a will. For example, if one names two children in a will but fails to add a third child after his or her birth, the judge will use discretion and accept it as an oversight. If an individual wants to exclude any member of his or her immediate family, that request must be recorded in the will.
Beneficiaries as recorded on any life insurance or retirement accounts will not be affected by any wishes recorded in a will. To change those beneficiaries, the providing companies have to be contacted. Similarly, if an individual is the legal co-owner of a property, naming another beneficiary in a will would have no impact on the ownership of the property. The legal co-owner will be the recipient of the property upon the other party’s death.
Having a legally valid and properly witnessed will in place could provide peace of mind to Nevada residents. Those who consider drawing up wills may be procrastinating because the legal requirements seem intimidating. They may find comfort in knowing that the appropriate help is readily available for ensuring their wishes are carried out without needing court interference.
Source: Daily Finance, “4 Things You Didn’t Know About Wills“, Dan Caplinger, June 28, 2014