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When You Should Update your Estate Plan?

Posted by: on Fri, Sep 18, 2020

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estate planningHaving a complete and comprehensive estate plan is important for all individuals. As you experience different events during your life, it may be necessary to update or revise your estate plan. To ensure that you understand your options and develop an estate plan that is legal and achieves the benefits of the law, you should consult with an experienced Las Vegas estate planning attorney from Albright Stoddard Warnick & Albright.

What can be included in an estate plan?

Every estate plan is unique and can utilize different legal tools to achieve certain purposes. The estate planning options available under the law have different purposes and benefits. Some examples of estate planning tools that you may want to consider include:

  • Wills
  • Trusts (inter vivos, testamentary, irrevocable, etc)
  • Powers of attorney
  • Tax planning strategies
  • Living wills/durable powers of attorney
  • Special needs trusts
  • Gifts
  • Property transfers

To determine what estate planning tools you should utilize, you should consult with an estate planning lawyer in Las Vegas.

When should you update your estate plan?

As you experience different events and milestones in your life, you should consider updating your estate plan. This will help ensure that your estate plan is up to date and addresses your current concerns. Some common events that may give rise to a need to update your estate plan include:

  • Beginning/changing a career
  • Marriage
  • Birth of a child
  • Receipt of an inheritance
  • Divorce
  • Death of a spouse
  • Significant medical issues
  • Business ownership
  • Retirement
  • Changes in financial standing
  • Tax changes

As you accumulate assets and increase your net worth, it is essential that you plan for the future to ensure that your assets are protected and that you maximize the value received from those assets.

Your estate plan is intended to ensure that you are able to provide for your own needs and those of your loved ones. Through informed planning, you can achieve greater peace of mind and maintain more control over what happens with your future.

How can an attorney help with your estate plan?

estate planning documentConsultation with an experienced Las Vegas estate planning lawyer is essential in developing an estate plan. Las Vegas estate planning attorneys will carefully review your situation and discuss what options are available. An attorney will help you understand each option and the benefits available under each scenario. Experienced Las Vegas estate planning lawyers will be able to draw upon their experience and knowledge to provide you with legal advice that is specific to your situation.

By consulting with an attorney, you will be able to make informed decisions about your estate plan. An attorney will help you know what to expect, which will remove much of the uncertainty about the future.

After you have developed an estate plan, an attorney will help prepare the necessary documentation to ensure that the plan is valid and legal. As you reach different milestones in life that require updating your estate plan, an attorney will be available to continue to provide assistance and advice.

An estate planning attorney in Las Vegas from Albright Stoddard Warnick & Albright can help you develop a personal and comprehensive estate plan. We will help you understand your options and the best ways to accomplish your goals. Our attorneys and legal team are experienced and strive to develop a complete estate plan. For assistance with your estate plan, contact us to schedule a consultation.