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Reasons to update your estate plan

An estate plan can make it possible to manage your affairs both today and after you pass. However, your estate planning needs will likely change as you get married, have a child or simply advance in age. Therefore, it is a good idea to review your plan on a regular basis to ensure that it meets your needs and complies with Nevada law.

Update your plan after a major life event

You will need to add a child as a beneficiary of your will or trust as soon as possible to ensure that he or she receives an inheritance. After a divorce, you may want to remove your former spouse as the executor of your estate. If you remarry, a trust can help to ensure that your child doesn’t lose out on an inheritance after you die or get divorced again. If you were to divorce or predecease your spouse, it’s possible that assets might go to that loved one as opposed to your kids if other arrangements aren’t made.

The law is changed

It’s possible that changes to the tax code or other laws may have an impact on your estate planning needs. For instance, if the estate tax exemption goes up, an existing trust may no longer be needed to accomplish your goals. However, if the exemption goes down, a trust or other tools designed to protect your assets might be welcome additions to your estate plan.

Ideally, you’ll review your estate plan at least once a year even if you don’t think that you need to. Doing so may help you discover technical errors or other problems that might make it difficult or impossible to settle your affairs in a timely, affordable and amicable manner.