For Nevada residents — and anyone else in the country — creating an estate plan is a good idea at any time in life. Estate plans include legal documents such as wills that protect your interests and wishes at the end of your life and after death. Proper estate planning also protects your heirs and can reduce the financial and emotional costs of probate administration.
Creating an estate plan is a major accomplishment, but the work doesn’t stop once the ink is dry on documents. Experts recommend that individuals and families reevaluate estate plans from time to time. One reason for reviewing estate documents every year or two is that financial situations change. Assets detailed in wills or trusts may be different. Obviously, the hope is that assets will have grown and individuals should add additional items into estate planning, but the opposite can be true as well.
Finances aren’t the only thing that change over time, though. Families grow and change. A death in the family, a divorce or marriage or a new birth are all things that might change the scope of a will or other estate document. Reviewing documents occasionally lets you add or remove people as appropriate so no one is inadvertently left out — or included — in estate plans.
Where you live can also impact estate planning issues. Moving out of a state may mean state-based legal matters change, calling for a review of estate documents. Any mention of or reliance on state laws should be removed or altered to accommodate the state you are currently living in. The same holds true for general estate and tax laws — review documents periodically to ensure they are in line with the current legal structure.
Reviewing estate planning documents for compliance with your needs and state and other laws may seem like a lot of work. Expert help can reduce the chance of complex estate issues becoming stressful or that errors will be made.
Source: Explorer News, “Six reasons to take a fresh look at your estate plan,” June 25, 2014