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Revisiting one's estate planning needs

Even with all the information available concerning the necessity of certain estate planning tools, there are still many Las Vegas residents that may die without having a valid will in place.  The problem with not having a will in place is that one's assets may then be distributed subject to laws rather than how one actually would like to see the distribution take place.

Periodically one may also wish to revisit the will.  For example, a will may have an executor in place that one no longer wants in the role.  There is also the possibility that one has had more children or grandchildren for whom one may wish to add special provisions.

Anyone drafting a last will and testament may also wish to speak to an experienced estate planning attorney concerning other needs as well.  For example, even after drafting a will we still will wish to make certain that beneficiary designations on retirement accounts and plans are correct.  Not having such a beneficiary named may ultimately complicate the entire process as the money from these accounts could end up being subject to probate and probate costs.

Estate planning is not a simple process in any case, and making certain that loved ones are properly taken care of in the event of an untimely death is far too important to leave up to chance.  We want to make certain that every asset that one owns is accounted for and distributed in the correct manner.  One may also wish to have special trusts set up so that the manner in which the assets are distributed can be performed in a specific manner.

Source: Times Dispatch, "Year-end planning tips," Michael Joyce, Dec. 16, 2013

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