Establishing an estate plan is a significant step toward taking care of your loved ones and having your wishes respected after your death. However, creating an estate plan is not a one-time event. Life’s unpredictability means circumstances can change over time, and those changes may require updates to your plan.
Here are some of the reasons why you might need to update your Nevada estate plan and how you can go about it.
Events that call for an update
There are several life events that can trigger the need for an update to your estate plan. For instance, marriage, divorce, the birth of a child or the death of a family member may lead to changes in how you wish to distribute your assets.
Changes in your financial situation such as receiving a significant inheritance, purchasing a new home or starting a business can be a good reason to revisit your estate plan. Your plan should accurately reflect your current financial situation and your wishes for how to distribute your assets upon your death.
Updates to your estate plan
You can make updates to your estate plan in several ways, depending on the extent of the changes you wish to make. For minor changes, you can add an amendment, known as a codicil, to your will. This codicil must meet the same legal requirements as the original will, including signatures and witnesses.
For more significant changes, you might consider creating a new will that reflects your current wishes. You should explicitly state in the new will that it revokes all previous versions.
While creating an estate plan is important, you need to revisit and update it as your life circumstances change. An estate plan is a living document that should evolve with you and your life.