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Moving to Nevada? Don’t forget to update your estate plan

On Behalf of | Jun 2, 2024 | Estate Planning

If you’re one of the many people who has relocated to Nevada from California to get away from the high cost of living (or from any other state), one of the things you’ll need to do is ensure that your previous estate plan is fully valid in Nevada – and that it complies with the state probate laws. That may not be your first priority as you settle in, but you should definitely get to it as soon as possible.

The good news is that all states recognize valid wills and other estate plan documents from other states. However, a plan may reference state laws. That could cause complications if you were to pass away before you got the plan updated. Remember that some documents, like your powers of attorney (POA) and advance directives, are meant to take effect if you become incapacitated. You want those to be implemented without complications if it becomes necessary.

Do you need to think about ancillary probate?

If you are keeping any assets of value in your home state (like perhaps a vacation or rental property, part ownership of a business or any bank accounts), those will still have to go through probate in that state should you still own them when you pass away. This is known as ancillary probate because it’s outside your new domicile state. 

Ancillary probate doesn’t have to be complicated. In fact, you can avoid or minimize just as you would any other kind of probate – for example, by putting the property in a revocable living trust or adding a co-owner, payable-on-death or transfer-on-death designation to it so that it goes directly to that person. You may also choose to go ahead and gift or sell the property.

Do you need different administrators?

Make sure that you keep the information about that property with your new Nevada estate plan and that your designated executor knows about it. While you’re preparing to update your estate plan to comply with Nevada law, make sure the people you’ve listed as administrators (like your executor, trustees and health care agent) are still willing and able to carry out their assigned duties even though you’ve relocated. If not, you’ll need to list your new choices in your revised documents.

Your best first step is to get experienced estate planning guidance here in Nevada. This will help you determine what changes you need to make to your plan.