As 2021 winds to a close, you may think about the challenges you have faced over the last year, while also looking optimistically toward the future.
Your estate plan may be the last thing on your mind, but it is not a bad idea to take a look at your estate plan to make sure that it still matches your specific wishes for how your property should be distributed in the event you pass away. Here are some of the most common reasons why people will need to revisit their estate plans in the coming year.
Changes in your family?
This is perhaps the most common reason that people should be sure to update their estate plan. We live in an era of blended families. Sometimes people get divorced, remarried or lose a loved one, and the changes will greatly impact an estate plan that is in place.
When you have a significant change in your family situation, you should take the time to revisit your estate plan. The planning that you do upfront can help your loved ones deal with your loss, and also can help make the probate process go much more smoothly.
Changes in the law?
Nevada laws, as well as federal laws regarding the taxing of estates, can change pretty dramatically over time. What was the best thing for you 5 years ago may be entirely different today. Knowing what laws apply to your assets can help you determine the absolute best way of passing along your property to your loved ones.
Changes to beneficiaries?
Sometimes things happen between people and the close bond they shared no longer exists. If you have a beneficiary in your estate plan that you want to remove, you will need to take action to ensure that your documents reflect your wishes. Without taking these steps, your existing estate plan will be the guide used to distribute your assets, and the individual you want to exclude could obtain the designated property.
Taking a few moments to make sure assets are passing to the proper people can help both you and your family have the peace of mind provided by estate planning. You can be sure that you are taking care of the right people, and leaving them without an additional problem when you pass away.