Review the questions below to see if it is time for an Estate Plan Check-Up

1. Has it been more than 3 years since you last conducted Nevada estate planning?
2. If you have minor children, have there been any changes to the Guardians named for them, or does the plan omit guardianship?
3. Since creating your estate plan, are your children now adults?
4. If you have a Trust, are there any assets that you have not transferred into your Trust?
5. If you become disabled, is your Power of Attorney document for financial decisions older than 5 years?
6. If you become disabled, is your Power of Attorney document for health care decisions older than 5 years?
7. Are there any gifts you would like to make to charities at your death that have not been clearly set forth in your planning documents?
8. Is there any personal property that you would like distributed that have not been clearly set forth in your planning documents, including the care of any surviving pets?
9. Since you signed your planning documents, have you changed your mind about any aspect of the plan?
10. Has the value of your assets changed since you signed your planning documents?
11. Have you added or changed the kind of assets you own since your planning documents were signed?
12. Have you recently been married, divorced or widowed since your estate planning documents were signed?
13. Have you had children since your estate planning documents were signed?
14. Have your children had children?
15. Have any of your children been married, divorced or died since your planning documents were signed?
16. Have you, your spouse or child become physically or mentally incapacitated since your planning documents were signed?
17. Have you bought or sold a house or other piece of property since your planning documents were signed?
18. Are you contemplating selling stock or other valuable assets with a low cost basis?
19. Have you moved between states since your planning documents were signed?

If you have answered ‘YES’ to any of these questions, it is a good idea to schedule a Nevada estate planning appointment.

Most of us assume that anyone worth millions of dollars would certainly go to the trouble of creating a comprehensive estate plan, or at the very minimum a Last Will and Testament. As with many assumptions, that one would be incorrect. A surprising number of the rich and famous have died intestate, or without leaving behind a valid Will, including the following:
Sonny Bono: Best known early on as half of “Sonny and Cher”, Bono later went on to become the mayor of Palm Springs, California and a member of the U.S. House of Representatives before dying in a tragic skiing accident in 1998. Bono did not leave behind a Will. Shortly after his death, his wife and mother became embroiled in a legal battle over Bono’s estate.
Steve McNair: The NFL star was shot and killed by an alleged girlfriend at the age of 36. McNair left behind a family and a fortune, but no Will.
DJ AM: Although this name may only be familiar to those of a certain age group, the famous DJ died of a drug overdose in 2009 without having executed a Will prior to his death.
Howard Hughes: The eccentric billionaire who was worth in the neighborhood of $2.5 billion when he died in 1976 failed to leave behind a Will. Although one was produced after his death, it was later determined to be a forgery. Eventually, 22 cousins inherited Hughes’s fortune.
Pablo Picasso: The famous artist died at the age of 91 leaving behind homes, cash and artwork valued in the millions, but did not leave behind a Will. Six years later, at an estimated cost of $30 million, his estate was settled.
You may not be famous or rich, but if die intestate you leave the problems for the courts and the state to decide. It leaves children unprotected, special people in your life disappointed and causes undue financial expense on the estate.

A comprehensive estate plan that was well prepared will include a funeral plan. By creating a funeral plan you will spare your loved ones additional grief and ensure that your wishes are carried out. Once written down, be sure to leave a copy with the trustee or executor of your estate and your estate planning attorney. Consider including the following information in your funeral plan:

• How the funeral is to be paid for -- life insurance proceeds, a trust set up by you, a pre-paid funeral service?
• Who is to be in charge of the details? Be sure to name alternates in case your first choice is unable to take charge.
• Whether you want to be buried or cremated
• What funeral home you wish to handle the cremation or burial
• What container you wish to be used for the burial or for your ashes
• Details about a ceremony if you want one. Be specific. For example, do you want a viewing? Open casket? Video display? Wake? What type of flowers?
• Who you wish to be the pallbearers if relevant
• Where you wish to be buried or what you want done with your ashes
• If you wish a marker, include details such as what you want written on the marker
• Any specific information you want included in the obituary

A little advance planning can make a very difficult time for your faily much easier.

Each estate plan is as individual as the person who creates the plan. Having said that, one of the most common components to an estate plan is life insurance. Whether or not you should include life insurance as part of your estate plan will depend on a number of factors; however, there are some things you should take into account when making the decision.
Your age and health. Life insurance is less expensive to purchase when you are younger and healthy, meaning you should be able to lock in the best rates. This is also when most people need life insurance for wealth and income replacement -- before they have other estate assets that can be passed down in the event of death.
Know what kind you are buying. Life insurance falls into two basic types -- term and insurance with cash value such as whole life or universal life. Term insurance only provides a death benefit while insurance with a cash value component potentially earns cash value, as the term implies.
Know your objective. If you only want to provide a financial safety net to your family, sticking with term insurance is likely your best bet. Talk to a financial advisor if you are considering whole life insurance. It can be a complicated investment strategy, but there are benefits that are not available to term policy holders.
Decide how much you need. This can change over the years. If you are young and single, you may only need enough to cover debts and your funeral. As you age, you should factor in what it will cost to raise your children if you die before they reach the level of maturity when they will be able to fend for themselves.
Shop around. Just as with other types of insurance policies the policy rates can vary widely. Take your time and compare rates before you commit. You should also be certain you are dealing with a company that is secure, so look at their rating with AM Best or Standard and Poors.
Know when to terminate or convert. Life insurance is rarely the best way to invest your money, but when it comes time to collect, your loved ones will find that you have provided well for them. Review your financial portfolio and your needs on a regular basis not only with your financial adviser, but your attorney, as well. You may find that you no longer need to include a life insurance policy for wealth or income replacement, but it could be useful in your estate plan as protection from estate taxes, expenses of administration, or other financial burdens of which you may not be aware.