Estate owners who have moved to Nevada from another state should consider updated their estate plans. State laws vary, and it might also be necessary to show proof of a change in residence. Moving to a different state is one of a number of reasons why an estate plan may need to be reviewed and updated. A change in tax law is another reason.
An estate plan may need an update when a new child or grandchild is born. Marriage, divorce or a death in the family are also reasons to update the plan. In some cases, an estate owner may become estranged from an heir, executor, trustee or someone who has power of attorney. This also necessitates a change in the plan. If an estate’s value changes or a major asset is sold or purchased, the plan should also be updated.
Even if none of these changes occur, estate planning documents should be reviewed every three years. People often forget to look over beneficiary designations as part of an overall estate plan review, but these may need to be changed as well.
A person who does not yet have an estate plan in place may want to create a last will and testament with the assistance of an attorney. Working with an attorney to create an estate plan may help prevent common pitfalls. For example, using the wrong language can make a will’s intent confusing or might even invalidate the will. However, legal counsel could make sure that everything is in proper order.