Blog

01Feb

Updating your Will and Trust - How Often?

01 Feb, 2023 |

Has it been a while since you created your estate planning documents? Why might they need to be updated?

Over time things change in everyone's life. A person named in your documents may have passed, there may have been a divorce, or a person you named to receive your legacy may no longer reflect your choice. 

Less obvious are changes caused by operation of law. For example, in Nevada a divorce automatically invalidates spousal gift provisions in a Will. A decree of divorce almost certainly affects your trust. As an example, your revocable trust provides that when the first spouse passes, everything goes to the survivor. Is this what you intend after a divorce? Probably not.

Another example is a new marriage, a blended family. Does your legacy go to your children or to your new partner's children by a previous relationship? Without a revision it may be possible for some part of your estate go to your new spouse's ex-partner if you should die first.

Here is short list of things that may require redrafting your Will and Trust.

  • Marriage or divorce.
  • The birth or adoption of a new child or grandchild.
  • Disability (you, your spouse, or a child)
  • A significant change in financial status,
  • Changes in state or federal tax law.

- Donald Lowrey, Esq.

Related

Power of Attorney Over my Parents

30 Nov, 2022

I get asked this question a lot. "How do I get a power of attorney over (or for) my parents?&qu...

Read More

Famous People dying without a Will

24 Feb, 2023

Famous and not so famous people frequently die without a Will. The consequences can be time consumin...

Read More

Search

Category

Archive

Tags

Protecting your Home and Assets

The Lowrey Law Firm enables seniors and those caring for them to safeguard their health, their finances and their future.

Contact Us

Law Offices of Donald E. Lowrey PLLC

(702) 747-7100

Email address: ClientCare@lowreylaw.com

Fax: (866) 542-0286

Address: 7473 W. Lake Mead Blvd. Las Vegas, NV 89128