Although there are plenty of Nevada residents who have estate plans, there are probably more who do not. In some ways, it is understandable why an individual might not have an estate plan, but people often just don’t understand how important it is to have one. And, of course, there are plenty of estate planning “myths” out there, which might be playing a role as well. But, are people in Nevada fooling themselves when it comes to estate planning issues?
A recent news article addressed that very question and determined that people may have the wrong impressions about estate planning. For example, some people think that because they do not have much in assets or wealth, they do not need an estate plan. As the recent article pointed out, that is far from the case. A will – the basic building block of most estate plans – can address more than just financial concerns. Parents of minor children, for instance, can spell out who they would like to care for their children if the worst should occur.
But, even those who have an estate plan may be fooling themselves about the need to update those documents. Even if you think nothing major has happened in your life since you had your estate planning documents drafted – no weddings, deaths of beneficiaries or anything like that – it is still important to check for needed updates. There may be, for example, changes in the law that impact the plan.
Having an estate plan is important no matter what your circumstances. The failure to have a plan, or the failure to update a plan that is in place, could lead to probate litigation.