One of the benefits of executing an estate plan is that the process is customizable. You can incorporate or omit whichever documents you prefer, and you can write out your own instructions or wishes regarding issues such as a last will and testament, advance directive or power of attorney. It’s always important, however, to review your Nevada estate plan to ensure that it reflects your current wishes.
Scheduling periodic reviews of your estate plan is probably the best thing you can do to update it. If you execute a plan and then never look at it again, by the time it is necessary to administer your estate, complications may arise. For instance, you might list a spouse as a sole beneficiary, then later divorce and remarry. If you forget to update your estate plan, your former spouse will inherit your estate.
Make sure your beneficiary list is current
Especially if you execute an estate plan early in life, major life changes may occur as years pass that would compel you to amend your list of beneficiaries. For example, you might become a grandparent and wish to include your grandchildren as heirs to your estate. You might wish to add (or delete) a charity or other group from the list.
Reviewing your plan every couple of years ensures that your list of beneficiaries remains current and updated. Sometimes, events might transpire that compel you to remove a name from the list. You can make any changes you like provided you’re of sound mind and do so in accordance with Nevada estate laws.
Consider your health in conjunction with your estate plan
The older you get, the more you might think about end-of-life care and other issues regarding medical treatments or financial issues that were not relevant to you in your younger years. If you did not include an advance directive in your initial estate plan, this is something you can add to make sure your plan reflects your current wishes.
An advance directive is often referred to as a “living will.” You can include instructions regarding the type of burial you want when you die. You can also state what type of medical care you want or don’t want, such as a hospital placing you on a ventilator, intubating you or giving you a feeding tube. You can further designate a power of attorney to grant someone you trust the authority to make medical or financial decisions on your behalf if you become incapacitated.
Keep your estate plan updated
These three tips — periodic review, updating beneficiary list and incorporating an advance directive — can ensure that your estate plan stays updated and reflects your current wishes. There are resources available to provide guidance and support regarding any questions you might have regarding matters of estate.