Planning for the future can be a complex process, and the decisions one makes during the initial planning may not be applicable or valid years later. This is why it is critical for a Nevada adult to carefully update his or her plan after major life changes and every few years. However, when updating an existing plan, it is important for one to avoid mistakes that could undermine his or her efforts.
Don’t do these things when updating a will
Updates to estate plans are important after things such as the death of a family member, birth, death, remarriage or other major life changes. When considering these changes and potential updates, one should work to avoid the following mistakes:
- Using the wrong motivation when choosing individuals to act as agents of the estate
- Not reviewing financial accounts and investments when updating estate plans
- Updating a will or the terms of a trust, but overlooking other documents
- Not making the necessary changes when to an estate plan after moving to another state
These mistakes could lead to complications when it is time to settle the estate or initiate plans outlined in critical estate planning documents.
Professional guidance is key
Updating an estate planning is a potentially complex endeavor. There is benefit in working with an experienced Nevada attorney when reviewing documents or making decisions related to the estate plan. An assessment of the specific estate and individual objectives will reveal the changes and updates that may be necessary.