Planning for the future is an essential step for Nevada adults of all ages and income levels. If someone has an estate plan in place, he or she would be wise to take the time to carefully review all documents on occasion. A thorough review from time to time can ensure plans are up to date and reduce the chance of potential problems when it is time to settle the estate.
An estate plan check-up
Reviews and updates are important every few years or after major life events, such as a death, divorce, remarriage or the birth of a child. These events could necessitate changes to existing plans or new additions to an existing plan. During a review, the following steps can help one conduct a thorough checkup of his or her estate plan:
- Review the terms of a will, including the individual named as executor of the estate or the person named as guardian of minor children.
- Review the terms of a revocable trust to see if changes need to be made to beneficiary designations or other terms.
- Review designations made in power of attorney documents, and review terms of a living will.
A simple review of terms and previous decisions can help one have confidence for the future knowing his or her interests are secure.
Nevada adults sometimes create an estate plan and then forget about, assuming that this is a one-time process. Life brings changes, this often means changes are necessary to existing estate plans. Updates and additions may clarify intentions and reduce the chance of complications in the future.