Instate Succession Can Take all Your Parent’s Assets and Distribute Them to Other People
Losing a loved one is a traumatic and painful experience. The weeks and months that follow should be dedicated to grieving. However, if your loved one died without a will, you may have a very different experience after the funeral. Your grief could be compounded when you find out you don’t get any of the assets you wanted. You may not even get to continue living where you currently reside.
What is Intestate Succession?
If a person dies and they have no will in place, then the state of Nevada will invoke intestate succession. This legal process decides how a person’s assets and estate will be divided and distributed to their loved ones. The state of Nevada will decide who gets what, based on a set of predetermined factors. Where the estate is distributed depends on if the deceased had a spouse and children at the time of death.
Intestate Succession and Married Couples
Under Nevada intestate law (i.e. if you have no will or trust), if you die and leave a surviving spouse and one child, the estate goes ½ to the surviving spouse and ½ to the child. If you die and leave a surviving spouse and more than one child, the estate goes 1/3 to the surviving spouse and the remainder in equal shares to the children and lawful issue of any deceased child. Most individuals want their estate to pass entirely to their surviving spouse and then their child(ren) after their surviving spouse passes away. The only way to ensure that happens is by having a legally valid will or a trust.
Intestate Succession and Unmarried Couples
When a person dies and there is no will in place, the state of Nevada identifies the next of kin. If the deceased had any children and no living spouse, all assets will automatically transfer to their children by right of representation. If there is more than one, then the assets will be divided equally. If the deceased had no children or surviving spouse, then all assets would transfer to the deceased’s parents. If the deceased had no children and no parents or siblings, then the assets will transfer to the next closest living relative pursuant to Nevada law. If the deceased had no children and no family, then the state of Nevada will begin the escheating process where all assets are transferred to the state.
How to Sidestep Intestate Succession?
There are several types of property that are exempt from the intestate succession process. This property includes:
• Property held in a living trust
• Proceeds from life insurance will go to the designated beneficiary if they are living
• Bank accounts with a payable-on-death designation
• IRA, Roth IRAs, and 401(k)with a payable-on-death designation
If none of these are in place, the best way to avoid the intestate succession process is to have comprehensive estate planning in place. This means having a will in place that details who receives what or how much of the assets. Other areas of estate planning to consider include:
• Revocable Living Trust Agreement
• Declaration of Execution of a Living Trust
• Pour-Over Will
• Personal Property Transfer
• Gifts of Tangible Personal Property
• Durable Power of Attorney for Healthcare Decisions
• Directive to Physicians (Living Will)
• General Power of Attorney for Finances
• Deeds-deeding real property into a trust
LeAnn Schumann is Available to Help Avoid Intestate Succession
Intestate succession and the state of Nevada shouldn’t dictate where anyone’s assets go. Even if there is no family, it is better to will assets to charity than letting the state of Nevada absorb them. LeAnn Schumann can help create a comprehensive estate plan that ensures assets get where they need to go. Her expertise has helped numerous Northern Nevadans find peace of mind. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.
Help Your Parent’s Assets Avoid Instate Succession.
Contact LeAnn Schumann at Jesse Kalter Law Today for an Estate Planning Consultation
CLICK HERE to Contact Online or Call 775-331-3888
PROTECT YOUR PARENTS’ ESTATE FROM THE STATE – WHAT’S YOUR FREEDOM WORTH?®