The Benefits of Regular Estate Planning Sessions
Your estate plan will ideally consist of a will and beneficiary designations. It should also consist of a health care proxy and financial power of attorney. However, even after these documents are created, it is possible that your needs or goals will change over time. By engaging in regular estate planning review sessions, you reduce the risk that a plan becomes obsolete or outdated.
Do You Still Trust Your Executor?
It’s possible that your oldest child is not fit to be making decisions about your money or other assets now or in the future. It is also possible that a close friend gets ill or passes away before you do. To account for these and similar issues, it may be a good idea to add an alternate executor or eliminate the current one entirely. In some cases, it may be wise to have executors for different portions of your estate.
Has Your Estate Gotten Larger?
If you have acquired artwork, a car collection or a large sum of money, you may need to determine where it goes after you pass. It may also be necessary to determine its value to find out if it will trigger an estate tax bill. Thinking about these issues now allows you to put assets in a trust or give them away before you die if tax savings is important.
Do You Want to Go Through Probate?
If you don’t want to go through probate, you can create a plan that allows assets to be held outside of an estate. However, a probate attorney in Las Vegas may be available in the event that a will exists that must be verified by the court. This person may be able to make the process as easy and efficient as possible.