You spend years preparing financially for retirement. But after all that work, an outdated estate plan or missing legal documents can leave important decisions unresolved when your family needs clarity most.
Retiring in Nevada takes more than a financial plan. Your estate plan should also reflect where you are today and how you want your assets and important decisions handled in the years ahead.
At Borg Law Group, we help Nevada individuals and families put legal plans in place that reflect their goals and protect what they have worked hard to build. Taking care of these details before retirement can provide greater clarity for you and the people you care about.
Here are five areas worth reviewing:
Your Pre-Retirement Legal Checklist
- Review your will or trust before retirement. Don’t wait until a health issue or other major life change forces the conversation.
- Make sure your powers of attorney are current. Financial and healthcare powers of attorney are essential parts of planning for the possibility that you cannot make decisions yourself.
- Understand Nevada’s asset protection options. Nevada’s self-settled spendthrift trust laws under NRS Chapter 166 may offer additional protection in appropriate circumstances.
- Check your beneficiary designations separately. Retirement accounts and other beneficiary-designated assets generally pass according to the designation on file, rather than through your will.
- Know how Nevada’s probate rules have changed. Probate thresholds changed in 2025, which may affect how some Nevada families approach their estate planning.
What Nevada Retirees Should Put in Place Before Retirement
Most people preparing to retire in Nevada have already talked with a financial advisor about savings, income, and healthcare costs. Fewer have looked at the legal side of the picture, and that gap is where families later run into the most stress.
A will that hasn’t been touched since the kids were young. A power of attorney that names someone who’s no longer in the picture. Retirement accounts with a beneficiary designation nobody remembers filling out.
None of this is anyone’s fault. Legal planning tends to get pushed to “someday” because it isn’t urgent, until it is. If you’d like a closer look at how a personalized plan comes together, our Estate Planning services walk you through the process for Nevada families.
Update or Create Your Will and Trust
A will or trust drafted years ago may no longer reflect your life today. Marriages, divorces, grandchildren, moves between states, and changes in what you own can all make an old plan outdated. For many Nevada retirees, a revocable living trust is worth a serious look, since assets properly transferred into the trust can generally pass outside of probate.
If you already have a will, retirement is a natural checkpoint to confirm:
- Your named executor or trustee is still the right person
- Your beneficiaries reflect your current family situation
- Nevada real estate, out-of-state property, and business interests are titled as intended
- Guardianship provisions, if they still apply, remain current
Put Powers of Attorney in Place Before They Are Needed
A power of attorney only works if it’s already in place before you need it. Once someone is incapacitated, it’s too late to sign one.
Nevada recognizes separate documents for financial matters and healthcare decisions:
- A financial power of attorney can authorize someone you trust to manage property, accounts, bills, and other financial matters on your behalf
- A healthcare power of attorney can name someone to make medical decisions if you become unable to make those decisions yourself
Nevada has specific execution requirements for these documents. Financial powers of attorney are generally acknowledged before a notary, while healthcare powers of attorney may be notarized or signed before two qualified adult witnesses.
Because these documents can grant significant authority, it is worth reviewing how and when they should take effect with an attorney rather than relying on a generic form.
Consider Nevada’s Asset Protection Trust Advantage
Nevada also allows certain self-settled spendthrift trusts, often referred to as domestic asset protection trusts, under Nevada Revised Statutes Chapter 166.
In broad terms, these trusts can allow a person to place assets into an irrevocable trust while retaining certain beneficial interests. Nevada law also provides protections against many future creditor claims once the applicable statutory requirements and limitation periods have been satisfied.
These trusts are not appropriate for every retirement plan. If the person creating the trust is also a beneficiary, Nevada law generally requires at least one qualifying Nevada trustee and that all or part of the trust administration occurs in the state.
For business owners, professionals with potential liability exposure, or retirees with significant assets, a Nevada asset protection trust may be one option to evaluate alongside other estate planning and asset protection strategies.
Review Beneficiary Designations and Retirement Accounts
One detail that can easily get overlooked during retirement planning is how certain assets pass after death. Retirement accounts, life insurance policies, and other assets with valid beneficiary designations generally pass according to the designation on file rather than through your will.
An outdated designation can create unintended results, even if the rest of your estate plan is current. As part of your retirement planning review, consider:
- Confirming primary and contingent beneficiaries on retirement and insurance accounts
- Making sure beneficiary designations coordinate with your overall estate plan
- Reviewing how applicable assets are titled or held in a trust
- Checking any Nevada beneficiary deed or deed upon death for real property
Understand Nevada’s Updated Probate Rules
Nevada updated several probate thresholds in 2025. Under current law, certain estates valued at $150,000 or less may qualify to be set aside without formal administration, while qualifying estates up to $500,000 may be eligible for summary administration.
These thresholds can affect the probate process, but estate value is only part of the picture. How assets are titled, whether beneficiary designations are current, and whether a trust has been properly funded can also affect what happens after death.
At Borg Law Group, we help Nevada families understand how these pieces work together as they prepare for retirement. Reviewing your estate plan now can help ensure it continues to reflect your goals, protect what you have built, and provide a clearer path for the people you care about.
Frequently Asked Questions
Do I need a living trust if I already have a will in Nevada?
Not necessarily. A will and living trust serve different purposes. Assets properly transferred into a living trust can generally pass outside of probate, while a will addresses assets subject to probate and can name guardians for minor children.
When should I update my estate plan before retiring?
Retirement is a good time to review your estate plan. You should also consider a review after major life changes, such as marriage, divorce, relocation, or significant changes to your family or assets.
What happens to my retirement accounts if I don’t update my beneficiaries?
Retirement accounts generally pass according to the valid beneficiary designation on file. Outdated designations could result in assets passing differently than you currently intend.
Is a Nevada asset protection trust the same as a living trust?
No. A Nevada asset protection trust is generally irrevocable and may provide certain creditor protections when legal requirements are met. A revocable living trust is primarily used to manage assets and help them pass outside of probate.
Does Nevada have a state estate tax retirees should plan around?
Nevada does not currently impose a state inheritance tax and generally does not require an estate tax filing for deaths occurring after January 1, 2005. Federal estate tax rules may still apply to larger estates.
Ready for Retirement?
Retirement should be about enjoying what you’ve built, not worrying about whether your legal plan is prepared for what comes next. An updated will or trust, powers of attorney, beneficiary designations, and the right asset protection strategies can help protect your wishes, your assets, and the people who matter most.
Schedule a consultation with Borg Law Group to review your estate plan and take the next step toward retirement with greater confidence.