It’s that time of year again: birds are chirping, the sun is shining, and you’re thinking about spring break! Spring also is a time of refreshing your life. After all, surely you’ve heard of spring cleaning. But what you might not have considered is spring cleaning – for your estate plan. If you have an estate plan in place, but that paperwork is just gathering dust, now is a great time to give those documents a thorough review.
Las Vegas Estate Planning
Of course, before you start spring cleaning your estate plan, you might wonder when is the right time to change or update those documents. Well, we can help you figure that out, but the first step is always to review the existing paperwork so you have a good idea of what they outline and accomplish. These documents can be long and tedious, but it’s especially important to review that will and trust. You’ll want to make sure you have an updated version of:
Who your family members are: this can change if you’re remarried, have had another child or perhaps have new grandchildren. You also might have family members listed who are now deceased. Make a list of any necessary updates.
Who gets what: If you have a current list of assets and “treasures,” make sure it is updated. Did you buy your wife a new diamond ring for your 40th wedding anniversary? It might be time to update that list (and designate who’s getting that rock).
List of sub-trusts: If you have sub-trusts, some of these might no longer be necessary or even applicable. For example, you might have a trust for your children that lasts until the youngest child is 25. If that child is now 30, you could probably update this document.
Estate tax issues: Here’s where things get a little complicated. Estate tax laws change regularly, and the last version of your estate plan might not be the smartest way to go anymore. Be sure to consult your estate planning attorney to make sure your best interests are represented in your plan.
Ready for some spring cleaning? So are we. Call us today and we’ll get your estate plan all straightened up!
About Michael R. Cahill
Mr. Cahill has spent his professional career dedicated to assisting clients with planning their estates, protecting their assets from creditors, and creating business entities to operate companies or manage investments.
