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5 Reasons to Update Your Estate Plan RIGHT NOW

5 Reasons to Update Your Estate Plan RIGHT NOW

If you have established an estate plan, you’ve done a great thing! But it is extremely important that you update that plan. Your plan can easily be out of date. Estates and relationships are not static. And out-of-date plans will be a problem if they are

Here are the top 5 reasons that you should update your estate plan right now.

Reason 5 – Your Health Can Change

If 2020 taught us one thing, it is that we can’t assume that our health will remain good. Illnesses and accidents happen. If your plan is out of date, it will cause a tremendous amount of worry at a time when you are dealing with your health. Or, based on your illness, you may have difficulty even meeting with your attorney to update your plan.

Be safe and not sorry. Update your estate plan while you are healthy.

“It is always better to update your estate plan before you get sick. It’s a lot more difficult after you get sick.”

Rick Cunningham

Reason 4 – Breakups and Divorce

If you file for divorce you should contact your estate planning attorney immediately to ensure that your ex does not receive your assets. Nevada law will provide protection once a final decree of divorce has been entered; however, while the divorce proceedings are in process, your ex could still inherit if you do not update your estate plan.

The end of a long term relationship is another reason that estate plans must be updated. If you are in a non-marital relationship that ends, you will need to change your plan. Otherwise, if you fail to update your plan, your ex-partner could be a beneficiary of your estate.

Changes in relationships usually mean changes to estate beneficiaries. Make sure that your beneficiaries are current, especially when an important relationship or marriage has ended.

Reason 3 – Kids and Grandkids

New additions to the family require changes to your estate plan. You will likely want to include them in your estate. The happy occasion of a new family member is also the exact right time to make sure that your estate plan is current.

In addition to a new birth, it is important to make sure that the provisions of the estate are updated as your child or grandchild ages. The estate plan can be much different for a newborn or underage child than for a 21 year old. And that difference can be even larger when that child is grown and has kids of their own.

Don’t leave out a new baby from your estate plan. And make sure that the estate plan reflects your wishes for that family member and is not out of date.

Reason 2 – Family Member Passes Away

This is another situation that requires updates to your estate plan. And this past year has shown us that these situations can occur without warning.

If your family member has passed and you die, the funds or property you bequeathed your family member will go to their beneficiaries.

Update your estate plan and don’t leave these matters to chance.

Reason 1 – Your Estate Has Changed

In life, we purchase property, make investments and accumulate wealth. Your estate plan needs to be updated – if it doesn’t reflect your current holdings, it will cause problems if you pass away.

By problems, we may mean going through a probate process for assets that are not included in a trust. Or it can mean that some assets are taxed upon your death that should have been protected by your estate plan.

Don’t leave this to chance. Update your estate plan to include ALL of your assets.

Questions? We’re Here to Help

Please contact us if you have questions. We help our clients make sure that their estates are updated. Get the peace of mind that comes with knowing you have protected your estate.