What happens after the estate planning is done

Once an estate plan is created, many people put the documents away and do not give them a second thought. However, once the initial estate planning is done, that does not mean that the documents do not ever need to be reviewed. Nevada residents need to review those documents periodically in order to ensure that they are still valid and meet their goals.

One constant in life is that circumstances change. Property is bought or sold, people are married or divorce, and children are born or become adults. Any of these events could necessitate a change in estate planning documents. This may not only necessitate a change in wills or trusts, but also in any account governed by a beneficiary designation.

However, just because the property is no longer part of an estate does not mean that the documentation regarding it can be discarded. Tax returns can be amended for a certain amount of time. Therefore, any documentation supporting a tax deduction or income needs to be kept for that amount of time. The period of limitations varies, so finding someone knowledgeable in this area could prove beneficial.

Lastly, family members need to have access to the original documents when a Nevada resident passes away. People may think that it would be safer to put the documents in a safe deposit box, but the box cannot be accessed without the documents. Most people leave the originals with their estate planning attorney and keep copies for themselves. The only exception to that may be for powers of attorney, which could be needed in case one is involved in an accident or is stricken with a debilitating illness.

Source: CBS Boston, “Checking In On Your Estate“, Dee Lee, March 20, 2015

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Johnson & Johnson Law Offices - Probate Lawyers of Las Vegas, Nevada, provide representation throughout Las Vegas, Henderson, North Las Vegas, Overton, Logandale, Mountain's Edge, Aliante, Anthem, Sun City, Siena, Boulder City, Mesquite, Pahrump, Summerlin, Southern Highlands and Green Valley. This includes the counties of Clark County, Nye County, Lincoln County, as well as greater Southern Nevada.

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