As the new year gets underway, you may be thinking of certain matters you need to address to ensure a happy year ahead. You may think of diet changes you want to make, doctor appointments you need to schedule and personal matters you need to update. In particular, you may want to ensure that your estate plan still contains the correct information to reflect your wishes.
By having already created an estate plan, you have set yourself and your family up on a solid path. The information in your plan can help your loved ones navigate tricky affairs in the future, including how to handle your estate after your passing. However, if you do not update the information periodically, it could become useless.
When should you update?
If this is the first time in a few years that you have considered updating your plan, it is the perfect time to do so. Reviewing an estate plan every three to five years can help ensure that it contains current information. When it comes to exact updates you may need to make, you may want to ask yourself the following questions:
- Did you get married or divorced?
- Did you take out a substantial loan or take on another significant liability?
- Did you welcome a new child or grandchild into the family?
- Have changes in Nevada state tax law or federal tax laws taken place?
- Has a doctor diagnosed you with a serious illness for which you may need to create care plans?
- Has a death in the family occurred, particularly of a beneficiary, executor, trustee, guardian or another important party?
- Have you changed jobs, gotten a promotion or started a new business?
- Have you made changes to your financial goals?
- Has your spouse become ill or disabled?
Any of these matters could warrant significant changes to your estate plan. Of course, major life events do not have to be the only trigger for changes. You may simply change your mind about who gets what or whom you want to act in an important position in your plan. Fortunately, an estate planning attorney can help you ensure that the year starts off right by having your estate matters in order. You may even wish to review planning tools that could help you create a more comprehensive plan overall.