Many Nevada residents have taken steps to take care of their loved ones after death and provide for someone to take care of them if they are unable to make decisions on their own. Once the estate planning is over, many people put away the documents and do not give them another thought. However, those documents need to be reviewed periodically, particularly when a major event occurs in their lives.
One of the biggest changes that people go through as they age is in their relationships. People get divorced, friendships change and family members become estranged. On the other hand, people get married, children are born and new people can come into the lives of Nevada residents. A change in a relationship might require a change to the plan.
People are not the only changes that can occur. Property can be sold or bought, which would also mean that the documents are no longer accurate. If a person’s estate increases in value, it could mean that additional estate planning needs to be done in order to ensure it is protected and does not incur any additional estate tax.
In between any major life changes, it is recommended that estate planning documents be reviewed at least every few years. This might not only account for any changes in circumstances, but also for any changes in Nevada law that could prompt a need for changes in one’s estate planning documents. In order to ensure that they continue to meet legal requirements, it would be advisable to enlist the services of an attorney dedicated to this area of legal practice.
Source: Time, “Estate Planning Checkup: 3 Items to Review Now“, Tracy Craig, Jan. 20, 2016