What to Check for During an Estate Plan Review
An estate plan review is a time when you meet with your attorney, accountant or important plan surrogates to ensure that plan still works as designed. It can also be a time when either you or your surrogates can ask questions or express any concerns with the plan as structured. Let’s take a look at some of the key questions that should be asked during a review session.
Are Your Beneficiary Designations Correct?
If nothing has changed in your life since your last review, the beneficiary designations that you have chosen are likely worth leaving unchanged. However, if you got divorced, its generally not a good idea to leave that person as a beneficiary. If your child developing a gambling problem or drug habit, it may not be wise to keep him or her as a beneficiary of a bank account.
Do You Need to Appoint New Surrogates?
It may have been appropriate to appoint your best friend as the executor of your estate 10 years ago. However, if you are married now, it may be best that your spouse is the executor. It may also be a good idea to appoint an alternate trustee or health care proxy in the event that those currently performing those roles can’t or won’t do in the future. Finally, you should consider appointing new or alternate guardians for your children.
An Attorney May Help Answer Your Questions
An estate planning lawyer in Las Vegas may be able to help you create or review an estate plan at any time. This may increase the odds that the plan meets your needs and is also created in accordance with state law.