Wills - Everybody Needs One - Even If They're Not Planning to Die

Wills are documents which are executed in the present to take effect at some unknown time in the future, and which spell out how the makers want to dispose of their property when they die. They can be simple or complex, short or long. They can be handwritten or they can be prepared by a lawyer.

These documents are so simple and inexpensive to make that anyone who has any family at all, and any property at all, should have one. They provide direction and peace of mind to those who are left. They can also include such non-property types of things as a statement naming a guardian for minor children.

What should it include?

1. In Nevada, at a minimum, NRS 133.040 requires every Will except ones which are holographic or electronic, to be in writing and signed by the testator (the maker). The statute also requires that the document be signed in the presence of the testator by two competent witnesses.

2. The document should include language which shows that the testator intends for it to be how he wants his property distributed when he dies, i.e. Testamentary Intent.

3. The document should name a person to be the Personal Representative. Usually it authorizes the Personal Representative to serve without the necessity of posting a security bond.

The Personal Representative has the legal responsibility for making sure the testator's intent is carried out.

A holographic will is one which must be entirely in the testator's own handwriting, dated, and signed by the testator. It does not need to be witnessed.

Although it may be tempting to write your own holographic last testament, this is an area filled with problems. There are often problems in proving the authenticity of the document. A great example of this involved Howard Hughes, the reclusive billionaire. A fascinating account of his alleged handwritten last testament can be found by clicking here.

The electronic exception to the formal requirements of NRS 133.040 is a result of the computer age. This exception is still rare. For more information see NRS 133.085.

Other issues . . .

A trap for the unwary or uninformed occurs when a person gets married or divorced after he or she makes a Will.

Under Nevada law, and the laws of many other states, if a person marries after making a Last Testament, the old document is considered VOID as to his or her new spouse. Under the law you are presumed to want to provide for your new spouse in your estate plan. That may be the case, but it can lead to unintended results by disinheriting children from a former marriage.

Under the same reasoning, a Last Testament executed before a divorce is considered VOID as to the former spouse.

The lesson to be learned is ALWAYS execute a new Will and amend your Trust after you get married or divorced!

Our firm would be pleased to assist you in your estate planning. Please contact us by clicking here.

Return from Wills to Estate Planning