Why Estate Planning Matters: The Consequences of Not Having a Will

Estate planning is the process of deciding what to do with your assets when you pass away and, if you have minor children, recommending who will be their legal guardian. Estate planning is for everyone, and anyone over the age of 18 should consider preparing an estate plan. You do not need to be past retirement age, own a business, or have amassed great wealth. If you do not create an estate plan before you die, you will have died intestate, meaning you died without a will. Your assets will go through probate, where a judge will distribute them according to Nevada intestate succession laws.

What Happens If You Die Without a Will?

A person who dies without a will is said to have “died intestate.” When a person dies intestate, the state may need to step in to manage their estate, and the person’s assets are subject to intestate succession, also known as the laws of intestacy, which dictate how a person’s assets are distributed upon their death without a will.

When a person dies intestate, their assets must pass through probate, which can be a lengthy and complex process that can leave family members in the difficult situation of needing to incur additional legal fees and go through an extended probate process that could have been avoided by creating a will.

Nevada Intestate Succession Laws

When a person dies intestate in Nevada, the probate court follows state intestacy laws, which generally prioritize the transfer of assets to family members.

• If the deceased person is married, their spouse will inherit a portion of their separate property.
• If the deceased person has children, they will share the remaining separate property.
• If the deceased person does not have a spouse or children, their assets pass to their parents or siblings.

Intestacy laws also determine who will serve as the estate personal representative. The court will appoint a personal representative who will probate the estate, paying off debts and distributing estate assets according to Nevada’s intestacy laws.

Unintended Consequences of Dying Intestate

Dying intestate can lead to unintended and unexpected consequences. For example, when a person who dies intestate has children from a prior marriage, those children might not receive anything if their current spouse receives all of the community property. Similarly, consider a person who dies without a will and was separated from their spouse but never obtained a divorce. In this case, their spouse would be entitled to estate assets, even if they had not lived together or been in contact for many years.

The Impact of Dying Intestate on Surviving Family Members

Dying intestate creates additional stress for surviving family members. In addition to dealing with the loss of a loved one, surviving family members must endure the stressful and time-consuming process of navigating probate without a will.

Dying intestate can also strain family relationships and lead to disagreements about who will inherit the deceased person’s assets. Without clear instructions, siblings may argue over items or property, which could negatively impact their relationships long after the estate is settled.

A Lengthy Probate Process

Probate without a will can be stressful. The probate court must appoint a personal representative, often a family member, to manage the estate. The personal representative must inventory the estate and ensure all legally enforceable debts and taxes are paid before distributing estate assets.

Additional Expenses and Legal Fees

Dying intestate can also lead to additional expenses and legal fees. Without a will, the probate court may need to take additional steps to identify heirs and distribute assets, which can increase administrative costs. Sometimes, asset distribution requires selling property to pay debts, which can add additional expense and result in further delays.

Create an Estate Plan to Avoid Dying Intestate

You can avoid the costs and frustrations of dying intestate by creating an estate plan. Creating an estate plan is easier than you may think. Start by identifying your assets, including real estate, personal property, vehicles, bank accounts, and personal items. Then, decide who you want to inherit these items.

Once you know what you want to have happen to your assets, you should work with an estate planning attorney to prepare a basic estate plan that identifies your estate executor, names a guardian for any minor children, and outlines how you want your assets distributed when you die.

Contact the Vander Laan Law Firm, LLC, for Comprehensive Estate Planning Services

Nevada estate planning attorney Natalia Vander Laan proudly serves clients from her offices in Minden and Carson City, Nevada. She works with individuals and families throughout Douglas County, Carson City, and Lyon County. Discover what makes her approach to estate planning unique, then call (775) 461-2897 or contact our law office today to schedule a free consultation to discuss your needs and how Natalia can assist you.