August is National Make-a-Will month. We talked to Renown Health Foundation Planned Giving Officer, Abbey Stephenson, to learn more about wills, trusts and estate plans and why you should feel motivated this month to get started.
Did you know that 2/3 of Americans don't have a will or trust? If this is you, don’t worry, you’re not alone.
Although there are laws in place to determine who inherits your assets if you die without a will or trust, having a will or trust ensures your assets go where you want them to go after you are gone. They can also help minimize disputes between family members and heirs about who gets what. In Nevada, the laws that govern who gets what if you die without a will or trust can be found in Chapter 134 of the Nevada Revised Statutes.
There are other documents that people often prepare at the same time as their will or trust – like an advance health care directive and durable power of attorney for assets. These documents all together are called an estate plan.
Although they have other purposes too (like nominating a guardian for a child, planning for disability or avoiding probate, which is a court process), wills and trusts are documents that say who will receive your assets after you are gone. The most common type of trust is often called a revocable living trust or a family trust. People who have a trust usually still have a will, although it is a shorter form of will called a pour-over will. It’s a good idea to talk to an estate planning attorney about whether or not a trust makes sense for your family or circumstances.
Now that you’re ready to get started, here are some mistakes to avoid:
1. Failing to plan
Not setting aside the time to plan may be the biggest mistake. Failing to prioritize preparing or updating your estate plan means your last wishes and desires may not be fulfilled. The right documents memorialize what you would like to happen upon your disability and death so that other people can know and follow your wishes with respect to your care and your assets.
2. Failing to coordinate beneficiary designations
Certain types of assets like life insurance and retirement accounts are not covered by your will or trust and need to be addressed separately. These types of assets are referred to as non-probate assets because they transfer under contract principles and don’t require court supervision or probate to be distributed to the named beneficiaries. By completing beneficiary designation forms provided by the retirement account custodian, insurance company or financial institution, you can direct your assets to one or more beneficiaries.
3. Failing to title your assets properly
Asset titling refers to how you own your asset – such as in your individual name, jointly with someone else, or in a trust or entity. For example, assets titled for two people with a “right of survivorship” will automatically go to the surviving owner. Review your asset titling and make changes, if needed, to ensure your property and assets are passed down the way you intend.
4. Failing to include charities meaningful to you
In addition to providing for family members and other important people in your life, you may also choose to give to charities meaningful to you in your estate plan. When you include a charity in your estate plan, that gift is called a planned gift and many charitable organizations, including Renown, recognize such donations through their legacy giving societies and provide sample language for donors to use in their will or trust.
As you prepare to make your own will or a more comprehensive estate plan, we recommend consulting a lawyer. Here are some free resources that may be helpful:
Renown Health Foundation is proud to sponsor the Family Estate Planning Series put on by PBS Reno and the Community Foundation of Northern Nevada. The free, seven-week course of 90-minute, in-depth workshops is a great place to learn much more and to help you get started in the planning process. The series is held twice a year, once in the spring and once in the fall. To find out when the next series begins, click here.
Renown Health offers periodic estate planning workshops where attendees can learn some basics about estate planning, wills, and trusts. To find out when the next workshop is taking place and for more information, click here.
Renown Health offers periodic advance health care directive workshops where attendees can learn about, complete, and sign their directive. For more information, click here.
Renown Health periodically publishes blogs on estate planning topics like this one. Check the Renown Health Foundation blog here for the latest Foundation news and posts.
Northern Nevada Legal Aid provides limited, free legal services to northern Nevada residents who are 60 and older. For more information, click here.
The American College of Trust and Estate Counsel provides information on a number of commonly asked estate planning questions here.
If you are interested in including a charitable gift to Renown in your estate plan, we would be happy to talk to you about ways to structure your gift and how your gift will make a difference for our mission. Please contact Abbey Stephenson at Abbey.Stephenson@renown.org or visit renown.org/LegacyGiving to learn about Renown Health Foundation’s Legacy Giving Society and ways to give.
From the Brink of Loss to a New Beginning: The Sloan Family’s ECMO Journey
It was the Fourth of July 2024, but for the Sloan family, there were no fireworks or festivities. Instead, Megan Sloan stood by her husband Darrin’s bedside in the intensive care unit at Renown Regional Medical Center, watching machines take over while monitoring his fragile condition. Just a week earlier, Darrin, a devoted father, husband and retired sergeant with the Carson City Sherif’s Office, had been full of energy. Now, he was fighting for his life.
Tiffany Banks is one of the newest members of the Renown Health Foundation Board of Directors. She’s part of a dedicated group of 28 volunteers who lead fundraising for Renown Health, northern Nevada’s only not-for-profit academic health system.
Tiffany brings bold vision and relentless drive to make real change. She’s a founding member of Mamas for a Cause, a Reno nonprofit that raised $50,000 to support breast care services at the Conrad Breast Center at Renown South Meadows, a cause that’s deeply personal to her. She’s also an attorney and the CEO of Nevada REALTORS®, where she has shaped policies and amplified the voice of real estate professionals across the state.
Now she’s setting her sights on the title of Mrs. Nevada America, an honor celebrating women defined by service, ambition and heart.
Get to know Tiffany in her own words. Why she gives back, what motivates her to lead, and how she’s working to create lasting change.
For 16-year-old Madeleine, a patient at Renown Children’s Hospital, volleyball was more than a game; it was her passion. But during her first-year at Reno High School, she noticed a deep ache in her back. The pain worsened with each game, and soon, what once brought joy became unbearable.
“The pain was overwhelming. I was crying after every game because my back hurt so bad,” Madeleine said. “It felt like the upper half of my back was falling or compressing on the lower half. I remember thinking, I can’t do this anymore.”
Her pediatrician referred her to Dr. Michael Elliott, a pediatric orthopedic surgeon at Renown Children’s Hospital who specializes in scoliosis and spinal deformities. Thanks to community generosity, families in northern Nevada have access to pediatric specialists like Dr. Elliott, without having to travel far from home.
Madeleine had a dangerous 50-degree curve in her spine. Dr. Elliott explained that surgery was urgent and offered her best path forward. “It felt like my whole world flipped upside down,” Madeleine recalls.
