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Issues that can upend estate planning

After a Nevada resident puts together an estate plan, there is a good chance that it won't last forever. This is because there are many different variables that could change, which could render an estate plan meaningless in its current form. For instance, if a person gets divorced, it can have an impact on who receives assets. In some cases, a new spouse could be entitled to a certain percentage of a person's assets regardless of what a will says.

Even if a person lives a perfect life free from stress or drama, a beneficiary may not be so lucky. If a family member who is also the beneficiary of a bank account gets divorced, there is a possibility that the asset could be shared with that former spouse. Therefore, it is important to review beneficiary designations to ensure that they are still the people who should receive assets.

Those who decide to move to another state should look at their estate plan to ensure that it meets their needs. For instance, having estate plan documents written in that state could mean avoiding estate taxes at the state level. A power of attorney or similar documents may need to be written in accordance with state laws. However, it is important to note that most estate plan documents written in one state will be accepted in others.

The creation of a will or other estate planning documents may result in greater control over assets during life and after death. Furthermore, a will may make it possible to name a guardian for a minor child. An attorney may be able to help craft estate plan documents or help to review those that already exists.

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