Creating an estate plan is a smart move for Nevada residents. However, it may not be enough to simply create the plan and forget about it. As both personal and professional events unfold throughout the year, a will or trust may need to be altered to reflect any changes that may have taken place. Individuals should look to see if beneficiary designations need to be changed or if the plan is still tax-efficient.
It may also be a good idea to reaffirm that an executor or trustee can still perform their duties. If not, it may be worthwhile to look into naming alternate individuals or entities to fulfill these obligations. Those who have life insurance may wish to ensure that their policies are still appropriate. In some cases, it may be a good idea to increase coverage levels or have new policies written.
Anyone who has a trust should also make sure that everything is properly funded. While this may not reduce probate fees, it may help some assets avoid probate and allow trustees to obtain and distribute assets in a shorter period of time. Funding a trust may also be smart from estate tax and privacy perspectives.
Reviewing an estate plan on a regular basis may ensure that it continues to meet the needs of an individual as life events occur or tax laws change. An attorney may be able to help an individual go over estate plan documents such as a living trust. It may also be possible for an attorney to assist with editing existing documents or creating new ones in accordance with state law.