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Why estate planning review is important

No matter how large or small an estate may be, estate planning is important for every Nevada resident. And while creating an estate plan is crucial, it is equally as important to keep that estate plan updated. As the years go by, thought processes change, relationships come and go, and so do the assets upon which the estate planning decisions were originally based.

One necessary consideration is who is included in the estate planning equation. Are these people still an integral part of your life, or is an ex-husband or ex-wife still listed? Relationships change over the years, and as those connections change, estate planning goals may change as well. Someone that was listed in a will 10 years ago may no longer be of the same importance.

Personal property typically accumulates with each passing year, including all those little pieces that have sentimental value. It is sometimes surprising at how many family members might fight over a cracked teapot that was "Granny's favorite." Because years have passed, you also know a lot more about the children that are included in a will or trust. You know more about their character and whether or not they can handle a large sum of money at once or if certain stipulations need to be included in estate planning documents that defers disbursement of funds until the individuals involved are married or reach a certain age.

Your assets, as well as your outlook on life and the things that you want, are different now than they were 20 years ago. With that being said, Nevada residents would do well to focus on estate planning needs. By doing so and providing for periodic review of those decisions, they may ensure that their money and possessions go to the people they wish, even if those wishes change over time.

Source: Forbes, "Five Reasons Baby Boomers Need To Review Estate Plans (And It's Not About Taxes)," Deborah L. Jacobs, March 29, 2012

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