If you’re in the process of estate planning, then first develop a solid understanding of the different types of wills in Nevada. It will make the process easier and smooth. In this will type, you the testator, requires depends on the situation and what you wish to accomplish.
The most common types of wills in Nevada are:
Simple Will
It is the basic type of will where a legal document is created for asset distribution after the testator’s death. In this will, you write down your wishes so that your assets are distributed fairly to those who remain to honor them after you pass away. It includes assets like stocks, real estate, and bank accounts and any other assets you want to be transferred to the beneficiaries.
Furthermore, you can also create a simple will if you have a minor child. The will can be created to designate a legal guardian if you and your spouse pass away.
Joint Will
A joint will can be described as a will created by two or more individuals who want to leave their assets for each other. Married couples usually write it. As this type of will can be complicated, it is best to hire an estate planning attorney in Nevada to create the will on your behalf.
Unlike survivor annuity and other insurance policies, all assets owned in the joint will are included in one document. It helps you avoid probate, which is both time-consuming and costly. The biggest advantage of the joint will is that the beneficiary listed on the will automatically inherits everything.
However, it lacks flexibility. For example, if one individual in the will dies, the document can’t be amended. It further creates problems if the individual alive wants to change their will.
Living Will
Known as the advance directive, a living will is clearer than other types of wills in Nevada. It is a document where you make wishes for medical care clear. However, it should be written when you’re healthy. It is because if you fall ill and cannot make a decision, your living will help decide the level of care you’d want to receive. It is a good option for those who want proper end-of-life care or have been diagnosed with a terminal illness.
Testamentary Trust Will
This is another type of will where you transfer assets to the beneficiaries and the trustee’s name. It is beneficial when the recipients of the assets are underage. With testamentary trust will, you can place assets in the trust while setting conditions on the inheritance like age and other variables.
You should contact the knowledgeable estate planning lawyers at the Bourassa Law Group as soon as possible for consultation regarding wills. Call us at (800)870-8910 for a free consultation. Our estate planning lawyer will help compare and evaluate your options so you can make the best choice. Choose type of will in Nevada that suits you the best.
1-800-870-8910