Estate planning is important for all able, competent adults. In spite of the obvious fact that everyone is going to die someday a minority of people actually have an effective estate plan in place. It is kind of hard to understand why so many people fail to plan ahead for something that is definitely going to happen. Yet, surveys consistently find that most people aren't properly prepared.
You may have every intention of planning your estate, and you may understand why it is important. However, procrastination can often times take hold. You expect to live a long life, and it seems as though you can start taking estate planning seriously after you retire and start to settle into your senior years.
This works out for some people, but others pass away before they ever get around to it. It is also not entirely uncommon for elders to become incapacitated and unable to make sound decisions.
Some 13% of people who are at least 65 are suffering from Alzheimer's disease. If you were in this position you may not understand the fact that you should plan your estate. Even if you do, your efforts may not be valid because you may not be of totally sound mind.
Some people know they should take action, but there are others who take a different approach. They believe that everything will just fall into place on its own after they pass away. These people are under the assumption that the government has it all figured out.
There are legal guidelines in place that would hold sway 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 the laws of intestate succession.
Someone who dies without a last will or a trust is said to have died intestate. Under these circumstances the probate court is required to distribute the assets that comprise the estate under the intestate succession laws.
These laws are pretty similar state-by-state, but there are some differences. The difference is largely centered around what your children may be automatically entitled to if you have a spouse when you pass away.
In Nevada your spouse would get everything if you had no children. If you had children but you did not have a spouse the children would get everything. If you have a spouse and children, your spouse would inherit all of the community property, and your spouse and children would share your separate property.
This is a glimpse at what happens if you die without a will or trust in Nevada. If you want to make sure that your own true wishes are carried out to the letter do the right thing and put an estate plan in place with the assistance of a qualified estate planning attorney.