One of the most fundamental parts of a Nevada estate plan is a will. This document is intended to provide direction to heirs and beneficiaries on how an estate is to be distributed. However, anyone who is familiar with the legal realm knows that the words in such a document can be open to interpretation. That is why the right wording is crucial, and can help avoid the potential for probate litigation.
A recent article looked at some of the ways in which a will can be as clear as possible and can help avoid common pitfalls. For starters, the article pointed out that naming the right person as the executor of the estate is of the highest importance. After all, the executor is the person who will be responsible for marshaling the assets of the estate, filing the correct documents with the probate court and making sure that debts and taxes are addressed. The executor should be a person who has the right skills to accomplish all required tasks.
Next, it is common for people to split the estate based on percentages — such as equal percentages for each living child. But, what is sometimes overlooked is how personal some specific items of property may be to a person’s heirs. If specific items of personal property need to be addressed in a will, do so.
Lastly, if there is any unequal split of the estate, such as a higher percentage going to one child over another, that should be explained. Perhaps, one child received much greater financial assistance over the course of time than another did. Some would view that as an advance on an inheritance. Whatever the circumstances in such an unequal divide, it is a good idea to explain it.