Estate planning is important for everyone, but unmarried couples encounter unique challenges when it comes to safeguarding their wishes. Nevada law does not automatically provide unmarried partners with the same rights as married couples. An estate plan must address these specific needs.
No automatic inheritance rights
Unmarried partners in Nevada do not inherit automatically like married spouses. Without a valid will or trust, a partner won’t receive any of the deceased’s assets. This applies even to those in long-term relationships. Instead, the estate passes to blood relatives under the state’s intestacy laws. Creating a will allows unmarried individuals to specify how they want their assets distributed.
Powers of attorney and healthcare decisions
Without the proper legal documents, unmarried partners have no authority to make medical or financial decisions if their partner becomes incapacitated. To avoid this, unmarried couples should create durable powers of attorney for healthcare and finances. These documents give one partner the ability to manage the other’s affairs during illness or incapacity.
Avoiding probate with trusts
Establishing a revocable living trust helps unmarried couples avoid probate and ensures assets transfer directly to the surviving partner. A trust outlines the distribution of assets and bypasses the often lengthy and expensive probate process.
Estate planning for unmarried couples
Unmarried couples need to take proactive steps to address their asset protection plans. By doing this, they can protect their property and wealth while making sure people respect their wishes, even though the law does not automatically offer those protections. Proper planning helps avoid legal complications and provides peace of mind.