What happens if someone passes away without a Will?
If you pass away and you do not have an Estate Plan in place (or an established Will or Trust), the court will be forced to look at Nevada Law to determine who gets what. When this happens, your personal wishes and where your Estate should go will not be followed. Whoever the law says gets it, gets it. This process, which should be avoided, is known as Probate.
A couple of Examples of what could happen if you pass away without a Will:
- If someone passes away and they leave a spouse behind and have no children: The spouse is going to get one hundred percent of their assets.
- When someone passes away and they don’t have any children or a spouse: The parents are going to get all of their assets split equally. If one parent predeceases them, then the remaining parent will get one hundred percent.
This illustrates the importance of why you want to have an Estate Plan. It also shows why you want to at least have a Will to dictate who gets what. Having one ensures things are not left for the court to decide.
It is important to have an Estate Plan in place if you have any assets, no matter your age. Most people over that age of 18 have some form of personal assets that can be passed down.
If you want to learn more about this or anything else related to Estate Planning or Probate, we offer complimentary 15 minute phone consults. You can give the office a call at 702-850-7998, or schedule an appointment online.