Most people want their loved ones and communities to remember them fondly after they’re gone. They may want to leave a lasting positive impact on the people closest to them or to support causes that were dear to them throughout their lives.
The legacy that a person leaves when they die often depends on their success during life. The way people remember them also depends in part on the estate plan that they establish. The resources they pass down to the next generation can help their children or grandchildren enjoy the brightest future possible.
People thinking about their legacies, especially if they are close to retirement age, are wise to put together a comprehensive estate plan. That way, they can choose who inherits specific property from their estate. Without a will or other documents, state law chooses who inherits a person’s assets.
What does state law dictate?
Intestate succession laws govern the distribution of property when someone dies without a will. The law in Nevada focuses on close family members. Spouses and children frequently inherit the entirety of an individual’s estate if they die without a will. For those without a spouse or children, their parents could inherit most of their property.
Unmarried romantic partners, close friends and even grandchildren do not necessarily inherit anything if someone dies without a will. The ability to name specific beneficiaries instead of only passing assets to immediate family members is one of the biggest benefits of creating an estate plan.
Reviewing personal legacy wishes with an estate planning attorney can help people take control of how others remember them. This can help adults with valuable assets and a variety of close relationships control what happens with their estate instead of simply relying on state law for the distribution of their property after they die.
