Choosing Between Amending Estate Documents and Creating New Ones
At some point in the future, you may need to add a beneficiary to a will or change the terms of a trust. This can be done through a simple amendment or by creating a whole new document. Here is how you can tell which option will make it easier to have your wishes respected in the future.
When Should You Amend a Document?
It may be best to amend a document when the change is a simple one. For instance, you decide that you want a beneficiary to receive $1,000 annually as opposed to $500 annually from a trust. Amending a will, trust or other estate plan component may also be easier if there only a few amendments already made to it. Your estate planning lawyer in Las Vegas may offer additional insight into when this is the right choice.
When Should You Create a New Document Entirely?
It may be in your best interest to create a whole new document if an amendment could be perceived as fraudulent in nature. For example, a bank may not work with an agent if a power of attorney declaration has been amended as opposed to rewritten entirely. Furthermore, creating a brand-new will or trust could be a good idea if it has been amended multiple times. At some point, it may be difficult for an executor to follow. Therefore, a clean will or trust may increase the chances that your wishes are followed as written.
Consistently Review Your Estate Plan
Over time, your estate plan needs may change as you start a family, or the tax code is overhauled. Therefore, it is a good idea to make sure that you review it annually to make sure that it still does what you want it to do.