Out of sight out of mind, not the best policy for estate plans

On Behalf of | Jun 11, 2017 | Blog

Did it take you awhile to finally execute an estate plan? If so, you’re definitely not alone. Many people in Nevada hesitate to even broach the subject because they don’t much care for discussing their own mortality. However, perhaps like you, many people also realize the importance of documenting their final wishes or specific instructions related to their wills, powers of attorney and/or medical directives. Estate planning is a highly customizable exercise that most adults can use to protect their assets and care for loved ones.

There is no set way to execute a solid estate plan. Some people include only one or two documents in their portfolios. Others have pages and pages of instructions and specifications. Whether simple or complex, you can determine which documents to include to cover all your bases and achieve your long-term goals.

Don’t forget about it once it’s done

A problem many people run into is that once they’ve gone through the process and have created thorough estate plans, they make a few copies, tuck them away, and just about forget they exist. Following is a list of reasons why you might need to update your current plan:

  • Perhaps you got married after your estate plan was written and you want to update it to include your new spouse’s name.
  • Maybe you had a child or grand-child and wish to add his or her name as an heir in your will.
  • If someone you listed as a possible legal guardian for your children has died, you will want to designate someone new.
  • If the value of your estate has substantially increased, you’ll want your estate plan to reflect this as well.
  • If you went through divorce and have married someone else, it’s not likely you want to keep your former spouse’s name listed to inherit your assets.

Periodic review of your estate plan is easy to do and can help prevent complicated situations and potential problems down the line. When the time comes to administer your estate, the process will probably be swifter and easier if you have kept your plan updated all along. Staying connected to an outside support system is also a good idea, in case any obstacles or troubling issues arise.

A Nevada probate and administration attorney can provide many services from the time you begin thinking about executing an estate plan until your plan is actually carried out.