Tips for revising an estate plan throughout a person’s life

On Behalf of | Feb 5, 2020 | Powers Of Attorney

Some people in Nevada may think they do not need an estate plan because they are too young or have few assets, but adults of every age could benefit from having one. Over the years, needs vary, and people may need to revise the documents.

A person who is still in college or who just graduated may only need powers of attorney for medical and financial issues. These documents appoint someone to take over the person’s medical and financial decision-making if the principal is incapacitated. The person might also have some assets, such as a bank account, that can be passed using a simple will. It may also be possible to make this a transfer-on-death account. When the person enters a serious relationship, it may be time to revise these documents and add life insurance to protect the partner. When children come along, the person might want more life insurance coverage. A guardian for the children can be named in the will.

As people get older, they may want to consider a trust so their estate can bypass probate and assets can go directly to the beneficiaries. A person may also want to consider creating a legacy. This might mean establishing a scholarship or giving to a church. Some families may discuss estate planning, but others may be unable to.

People may want to consider talking to an attorney about their estate planning needs. Many people might not realize what kind of solutions could be available. For example, if there is a loved one who has a substance abuse problem and who might be irresponsible with money, a trust could be created and a trustee appointed to manage the money. It is important to choose the right trustee since this could be a position that requires good conflict management.