No matter the stage of life you are in, changes happen, which can create a domino effect. For Nevada residents, this may mean that you need to update your estate plan in Nevada so that it reflects your current situation.
If you need to update your estate plan in Nevada, you will need to hire a capable estate planning attorney to help with this. At Morris Estate Planning Attorneys, our collective years of experience in estate planning have equipped us with the knowledge we need when it comes to helping our clients create their estate planning documents. Keep reading to find out when and how to update your estate plan.
What is an Estate Plan?
Before we dive into how to update an estate plan in Nevada, what exactly is an estate plan? This is a collection of legal documents that plan how your debts and assets will be managed at the time of your death. It will include documents such as:
- A list of assets
- A list of debts
- Wills
- Trusts
- Healthcare directives
- Power of attorney
Overall, it will give you the ability to control how your estate is divided among your beneficiaries after your death. It is also beneficial for planning for end of life care, long-term care, and planning for dependents.
Major Life Events That Require Estate Plan Updates
Creating a will or a trust is a very important step for planning for the future and making sure your loved ones are taken care of. However, it does not stop there, as you will need to continue reviewing your will to ensure it reflects your current circumstances.
Here are some examples of some major life changes that could result in you needing to update your estate plan:
- Marriage or divorce
- New children or grandchildren
- Changes in family dynamics
- Death of a beneficiary or executor
- Purchasing new property
- Changes in health or disability
- Business ownership
- Added debt
- New assets
- Power of attorney changes
- Property in multiple jurisdictions
Some of these changes may be straightforward and others may be more involved. It is still essential that you hire a qualified Nevada estate planning attorney to ensure you make these changes correctly. Failing to do so could result in your will or trust not being legally binding or failing to reflect your wishes.
Legal Considerations in Nevada
Every state is different when it comes to estate planning laws, which can impact how you amend a trust in Nevada. One example of this is Nevada’s community property laws and how that affects estate planning between married people, compared to most states that have separate property laws. Another example is how Nevada allows for certain types of trusts to be established to protect assets and perpetuate generationally, compared to other states that do not allow for this type of planning.
How to Legally Update Your Estate Plan
Now that you understand the importance of an estate planning checklist in Nevada and why you may need to revise your will or trust, how do you go about doing this legally?
The first thing to understand is that you have the option of amending or restating a will and a trust, assuming the trust is one that gives you the ability to modify it.
A will can be modified through a codicil, which is a legal document that changes part of the will. A will can also be modified by executing a new one entirely and revoking the prior one, which usually is preferred. This needs to be done in writing and meet the same legal requirements as when the will was first executed.
A trust can be modified through an amendment or a restatement. Amending a trust changes part of the trust and may make more sense when you have routine adjustments you need to make. Whereas, restating a trust changes the entire trust document and may be a better option if you have larger or more complicated adjustments you need to make. Either way, this needs to be done in writing and meet the same legal requirements as when the trust was first executed.
You should always seek the representation of an experienced estate planning attorney to change a will or a trust.
The Risks of Not Updating Your Plan
Generally, it is recommended that Nevada residents review their will and other estate planning documents every few years or as significant life events occur. Failing to do this can have serious repercussions for the future, especially when it comes to the beneficiaries of your will or trust.
You may have neglected to add new beneficiaries to your will or trust, which would result in them not getting all or part of their inheritance. You may have forgotten to remove certain beneficiaries who may have passed away or who you no longer wanted to receive certain assets. All of these things could result in conflicts or unnecessary legal procedures when it comes time to settle your estate.
FAQ Section
How often should I update my estate plan in Nevada?
It is best to review your estate plan every few years or when major life events happen.
What happens if I move to Nevada from another state?
If you move to Nevada and you already have a will or trust, these estate planning documents will still be considered valid. However, you may want to amend these documents so that they follow Nevada estate planning laws or otherwise reflect your desires.
Can I make updates to my estate plan without a lawyer?
While it is possible to update your estate plan without a lawyer, it is best to get legal representation to ensure you have done this correctly. Even simple changes can cause significant issues.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
If you need to revise or estate plan, taking action as soon as possible is essential. Life is unpredictable, and you want to make sure your will or trust is up-to-date in case something happens to you.
At Morris Estate Planning Attorneys, our Nevada estate planning attorneys are dedicated to providing our clients with legal assistance they need as they navigate Nevada estate planning laws. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.