Estate planning empowers you to manage your assets and healthcare during your life, but it also gives you a degree of control after death. For example, the asset distribution instructions you created while alive remain in effect until your estate clears probate.
You probably know you should update your estate documents after life events like marriage, childbirth or a family member’s death. However, your plans will also benefit from a refresh after certain financial activities.
Large transactions should prompt a review
Whether it is for business or your family, making expensive purchases warrants a review of your plan to ensure it reflects your current financial situation. Examples of such transactions include:
- Making new investments
- Buying or selling a business
- Buying or selling real property
- Leasing a commercial office or warehouse
In other words, update your estate documents to account for anything that significantly alters your financial profile.
Changed financial goals are another reason
Maybe you’ve grown tired of your career path or want to use your savings to become a freelance photojournalist. On the other hand, perhaps a big successful company recruited you for a lucrative new position.
These and other changes in your career or economic goals call for a review and possible update of your estate plan. The faster you accommodate new goals, the stronger your overall protection.
Some believe the true power of estate planning lies in its flexibility. You can mold your plan, altering it as necessary throughout your life to ensure it always meets your needs. However, to harness this power, you must remain active in keeping the plan relevant and in compliance with the most recent Nevada probate and estate laws.