Legal Question in Wills and Trusts in Nevada

Re: Confused, Will or no Will

Better to have, then to not, either keep the one you have draft a new one.

NV does not recognize partial revocation so changes to the original will not be recognized. If you choose to change your will create and execute a new one or add a codicil. Adding your sons to your deed, can create an ownership interest in the property. I suggest passing through the will, executor will have authority to maintain the house and will be able to recover from all of the beneficiaries the costs of doing so out of the corpus of the will. Another problem with putting sons on deed is that the house can be part of their assets and used to satisfy judgments against them.

The insurance policy; an insurance policy transfers outside of probate, it is what is known as a testamentary substitute, the person named as the beneficiary is the beneficiary and you will have no authority to demand that the funds be used to pay for anything. You can establish a policy for the purpose of paying off the debts of the estate and in turn the remaining balance would be distributed between your sons. This should be done through a remainder clause in your will specifying who gets the left overs that were not specifically identified.

Keeping your sons off your house/deed and your accounts are very similar, but with the accounts, you can place what is known as a Payable on Death Beneficiary on your checking and savings accounts. You can also specify the beneficiaries of the insurance policies. In most cases the insurance policies should not go through your estate, unless the stated beneficiary passed before you. In general it helps eliminate or reduce estate taxes. You should consider this as well, it can be a substantial ding in your estate. Please speak with a tax person before hand if possible.

I do not agree with the comment, if they want the money they will agree, because it will eventually lead to contesting the will and possible in fighting with your sons. So, in my opinion don't leave anything to chance. Decide on your own.

Last item, Grand Kids. Make the change as you see fit. But if you do not specify them individually then they will not take under the will, nor can you demand that the father give of his share to the child, nor will they take under the laws of intestacy. They are not legally entitled to be in the will. You can state that a specified amount from the estate is for the benefit of the grandkids, bear in mind the age of the fathers and the potential of having additional children after the will is executed, and force a trust to be established with the funds. The Grand Kids will take in place of their father should their father die first, and would split his share between them. Not something that you want to talk about but a reality none-the-less.

I think I have answered your questions, I hope that my answers have assisted you in your needs.