If you’re unmarried and live in Nevada, estate planning is essential for you and your partner.
Without an estate plan, Nevada state law will decide who gets your things when you die. It’s possible your partner won’t inherit anything.
If your partner can’t make their own choices, estate documents will help them have the care they need.
Finally, proper estate planning documents can also help with taxes.
In this article, we’ll look at the laws and rules in Nevada. We will discuss how to make an estate plan. You’ll find out what to do if one of you dies or becomes disabled. And we’ll give you some insider tips for creating an effective estate plan.
Let’s get started.
Understanding the Laws and Rules Governing Unmarried Couples in Nevada
If you live in Nevada and are not married, knowing the rules about planning for your future is essential.
It’s like packing a suitcase – but instead of clothes, you decide what will happen to your assets when you are gone.
In Nevada, common-law marriages do not get recognized. Instead, property ownership gets determined by the title.
You should also be aware of the low estate and inheritance tax rates compared with other states. In Nevada, the estate tax exemption is $11.7 million. And there is no inheritance tax.
Working with an attorney can help protect your future. They will ensure your assets get distributed to the right people.
Types of Property Ownership for Unmarried Couples
When you aren’t married, you have many choices for how to own property.
Choosing the right option is crucial because it can affect your money and legal rights.
What follows are some types of ownership that unmarried couples may consider.
When one person is the only owner, only they get to decide what happens with it. The other partner has no ownership interest in the property and no say in its use or management. This is not a recommended option for couples wanting to share property ownership.
Joint Tenancy with Right of Survivorship
If you die, this is how to make sure your partner will get your stuff.
With this type of ownership, both people have an equal share of the property.
If one of them passes away, their share goes to the other partner without going through probate court.
Tenancy in Common
Tenancy in common is a way for two or more people to own a property together. Each partner owns a different percentage, which can be different sizes.
If one partner dies, their part is passed on to their heirs and not their partner. This type of ownership lets couples control their share of the property.
Talk to an Las Vegas planning lawyer for which type of ownership would be best for your situation. They can help you decide based on taxes, liability, and inheritance.
Process for Creating a Will and Trust in Nevada
Creating a will and trust is vital to protecting what you and your partner have built together.
It’s a complicated process, so it helps to have an expert estate planning attorney help you out. They’ll talk to you about your assets, goals, and concerns. They will recommend the best type of will or trust for your situation.
Once that plan is in place, you must sign some documents. This could include the following:
- powers of attorney,
- advance directives,
- and the will or trust agreement.
To keep everything up-to-date, you must review and update these documents.
You also have to transfer ownership of your assets – this is called “funding the trust.”
Proper guidance can make setting up a will and trust much more straightforward.
The Importance of Having Durable Powers of Attorney
Having durable powers of attorney is integral to estate planning for unmarried couples.
It lets you appoint someone to decide for you if you can’t do it yourself.
If you can’t make decisions for yourself, a durable power of attorney allows someone else to:
- Pay your bills.
- Manage your investments.
- Make medical decisions.
It also means you don’t need a time-consuming and expensive guardianship proceeding.
Putting a durable power of attorney in place can give you peace of mind. It ensures your wishes get respected if you cannot decide for yourself.
Please speak with an experienced estate planning attorney to ensure it gets set up right.
The Importance of Setting Up a Living Trust
A living trust is an excellent way for unmarried couples in Nevada to plan for the future.
It lets you decide how your assets should get managed and distributed. It also keeps your affairs private.
A living trust is more flexible than a will. You can make provisions for pets. You can plan for children from previous relationships after you’re gone. And you get to keep control of your assets during your lifetime.
Plus, it can help speed up distributing assets after you’re gone.
Tips for Creating an Effective Estate Plan
If you’re unmarried and live in Nevada, making a plan for your estate is essential.
That way all your possessions get passed down how you want them to be. Here are some tips to help you do this.
Have an Experienced Lawyer Help You
Estate planning can be complex.
An experienced lawyer can help ensure your plan meets your needs and goals.
A lawyer can help you navigate the legal requirements. They will make sure to create a comprehensive plan tailored to your situation.
Keep Your Estate Plan Updated Often
Life changes, such as marriage, divorce, the birth of a child, or the sale of assets, can impact your estate plan.
Reviewing and updating your estate plan often is vital. This ensures that your plan reflects your current wishes and circumstances.
Communicate with Your Partner
Open communication is essential for creating an effective estate plan.
Discuss your goals, wishes, and concerns with your partner.
Work together to create a plan that meets your needs.
Doing this can help prevent misunderstandings and disputes down the line.
Make Sure Your Wishes Get Honored After Death
Ensuring your wishes get honored is essential. This can include designating beneficiaries for your assets.
Create a living trust and provide instructions for caring for loved ones.
Ensure that your executor and other relevant parties know your wishes.
Also make sure they have the necessary documents to carry them out.
Estate planning can be crucial to securing your future, yet it often gets overlooked.
Unmarried couples can help protect their interests by creating an estate plan.
With proper legal guidance, you can ensure you get prepared for the future. Fortunately, you don’t have to go through this process alone.
Help is available, both in resources and experts.
Take the time to explore your options.
Ensure you have a plan to protect yourself and your relationship.
Here are some additional posts that can provide valuable information on estate planning:
“Tips On Estate Planning: How Not to Gamble Your Future Away” – This post offers useful tips and guidance to help individuals navigate the estate planning process and make informed decisions to protect their assets and secure their future.
“Estate Planning Services” – This post discusses the importance of estate planning services and highlights the various professional services available to assist individuals in creating comprehensive estate plans.
“5 Simple Things Every New Parent Needs To Know About Making A Will” – This post focuses on estate planning considerations for new parents, highlighting important factors to consider when creating a will to protect their children’s future.
“Estate Planning Probate: Las Vegas Attorney” – This post provides insights into estate planning probate, discussing the role of an attorney in guiding individuals through the probate process in Las Vegas and ensuring their estate plan is properly executed.
“What is the Estate Planning Process in Nevada?” – This post outlines the estate planning process specific to Nevada, discussing the key steps involved and providing an overview of the legal requirements and considerations.
“Damar Hamlin – The Need for Estate Planning” – This post sheds light on the importance of estate planning, emphasizing the need for individuals to proactively plan for their future and protect their assets, with a particular focus on the insights shared by Damar Hamlin.
“Estate Planning for Unmarried Couples Is Necessary In Nevada” – This post addresses the significance of estate planning for unmarried couples in Nevada, highlighting the unique considerations and legal implications they should be aware of to protect their interests and wishes.
“Estate Planning Mistakes: Help for Nevadans” – This post discusses common estate planning mistakes that individuals in Nevada should avoid, offering helpful guidance and tips to ensure their estate plan is comprehensive and effective.
We encourage readers to explore these resources to gain a better understanding of estate planning and its importance in securing their future and protecting their assets.
Offsite Resources You May Find Helpful
Here are two offsite resources related to estate planning for unmarried couples in Nevada:
If you’re in a committed relationship and want to ensure your loved one is taken care of if something happens, an estate plan is essential.
But where do you start? That’s where an Las Vegas estate planning attorney can help.
We bring over 20 years of experience and knowledge to create the perfect plan for you. Plus, when you choose us, you get our attention and 24/7 availability.
We will help you navigate the complex legal process and answer any questions or concerns. So what are you waiting for?
Call us at (702) 433-2889, and let’s start creating your perfect estate plan today.