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Keep beneficiaries in mind when estate planning

The estate planning process is something everyone of every age should think about. Preparing for estate planning when young or when there are assets and minor children to think about is an ideal suggestion for Nevada residents. However, as people grow older and life circumstances change, there may be a very real reason to revisit previous estate planning decisions.

The importance of choosing a beneficiary can’t be overstated. But, as life changes take place, someone who is suitable at one point in life may not be at another stage in life. There may also be circumstances where a beneficiary chosen at one time is not someone to keep listed, such as when a couple divorces or if a beneficiary proves to have a major problem handling money.

The first step to ensuring that everything will go as planned when it comes to designating or updating a beneficiary is to be clear about what accounts require a beneficiary. The person chosen should be fully aware that he or she is the beneficiary and what the wishes for the accounts may be. Aside from having a beneficiary chosen to handle financial matters, updating who may make vital health care decisions is a must, as incapacitation can occur at any time and any age.

Once the estate planning process has been started, it is the responsibility of the person who does the planning to ensure that any changes are made as needed. For Nevada residents, this can easily be done and can help give both the person planning and the beneficiary peace of mind. Depending on life circumstances, reevaluating an estate plan may be done every few years or as milestones in families occur.

Source: Wicked Local Danvers, "Money matters: Avoid problems by updating beneficiary designations", John Mitchell, May 25, 2014

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