Estate Planning Is a Lifetime Process

It may only take a few hours to create a will, trust or other estate plan documents. However, the process of estate planning doesn’t end after documents are crafted and executed. This is because life events or other events could make some or all of a plan obsolete or vulnerable if changes aren’t made.

Your Needs Are Likely to Change Over Time

Over a long enough period of time, your estate plan needs are likely to change. For instance, if you have a child, it may be necessary to include that child in a will. If you have a grandchild, you may want to include that person in your will or trust. Furthermore, parents can benefit from updating a will or trust to include a guardian or an alternate guardian if one is already listed. Changes to the tax code such as an increase in lifetime estate tax exemptions could render a trust obsolete or unnecessary.

Review Your Estate Plan If You Move

If you move, it is a good idea to have your estate plan reviewed by an estate planning lawyer in Las Vegas. This can make it possible to determine if you need to have it signed by additional witnesses or make other changes to comply with state law. You may also be subject to the probate laws in any state where you own property. Therefore, it is important to spend time making sure that your final wishes can be carried out after passing on.

Simple Errors Could Have Significant Consequences

If a will is not in compliance with relevant state law, it could be successfully challenged by a child or other interested party. In the event that other documents are challenged, it may prevent assets from being transferred or retaining their protection from creditor claims. This can be another compelling reason to regularly review an estate plan no matter how airtight it may seem.