When to Update Your Estate Plan in Nevada

by DRSLTD
when to update estate plan

When Should You Update Your Estate Plan?

An estate plan is not a one-time project. It should evolve as your life, family, and assets change. In Nevada, small updates done at the right time can prevent disputes, keep property out of court, and make things easier for the people you trust. This guide outlines the events that should trigger a review, how often to schedule checkups, and what to confirm when you meet with your attorney.

The golden rule: review at least every 3 years

Even if nothing big has changed, a periodic checkup helps keep your plan current with new assets, beneficiary designations, and Nevada procedures. A short review can confirm that titles, deeds, and documents still match your goals.

Life events that should trigger an immediate update

  • Marriage or registered domestic partnership. Update your will or trust, beneficiary designations, and powers of attorney to reflect your spouse’s role.
  • Divorce or separation. Remove former spouses where appropriate, revise fiduciary roles, and retitle assets so your plan works as intended.
  • Birth or adoption. Add or update guardianship provisions and beneficiary shares.
  • Death, incapacity, or relocation of a key person. Replace executors, trustees, guardians, or agents who can no longer serve, and add alternates.
  • Move to or from Nevada. State laws differ. Confirm your documents meet Nevada requirements and consider Nevada-specific tools such as community property titling and Deeds Upon Death for real property.
  • Major purchase or sale. Fund your trust with new real estate or investment accounts. When selling, confirm where the proceeds will land.
  • Business changes. New venture, buy-sell agreement, or ownership shift. Align your plan with operating agreements and key-person protections.
  • Beneficiary changes. New relationships, estrangements, or special needs planning may call for different shares or protective trusts.
  • Health changes. Update your medical power of attorney and living will, and make sure your chosen agent understands your wishes.

Nevada-specific checkpoints

  • Community property choices. Married couples should review how real estate is titled. Community property with right of survivorship can simplify transfer to a surviving spouse.
  • Deed Upon Death for real property. Consider a Nevada Deed Upon Death when appropriate to keep specific real estate out of probate.
  • Advance directives and registry. Confirm your Durable Power of Attorney for Health Care and living will are current. Consider uploading copies to the Nevada Advance Directive Registry so hospitals can access them quickly.
  • No state estate tax. Nevada does not impose a state estate or inheritance tax, but federal rules still matter for larger estates. Revisit tax planning and beneficiary designations with your advisor team.

Documents to review during each checkup

  • Revocable living trust and will. Ensure gifts, fiduciaries, and guardians still match your intent.
  • Powers of attorney. Financial and health care agents should be current, with backups in place.
  • Beneficiary designations. Update life insurance, retirement plans, and transfer-on-death or payable-on-death accounts so they match your trust and will.
  • Real estate deeds. Verify correct titling and, if using a trust, that the trustee is on the deed.
  • Personal property memorandum. Refresh bequests for heirlooms and collections.
  • Digital assets. Provide access instructions for financial portals, subscriptions, and important files.

Signals that your plan may be outdated

  • Your trust was signed years ago and key assets were never titled into it.
  • Old beneficiary designations conflict with the will or trust.
  • An ex-spouse, distant relative, or deceased person still appears as executor, trustee, or agent.
  • Your plan ignores a new business, rental property, or significant brokerage account.
  • Family dynamics have shifted and you want protections for a beneficiary, such as a staggered distribution or a special needs trust.

How to prepare for a fast, effective update

  1. Make a simple balance sheet. List accounts, real estate, businesses, insurance, and retirement plans, with how each is titled.
  2. Bring your current documents. Will, trust, deeds, beneficiary forms, and powers of attorney.
  3. Decide on people and backups. Confirm who should serve now, and who can step in later.
  4. Clarify goals. Privacy, simplicity, charitable gifts, or protections for specific beneficiaries.
  5. Schedule follow-through. Retitle assets, record deeds, and submit any new beneficiary forms your attorney prepares.

Plan with confidence

At Dempsey, Roberts & Smith, we make estate plan updates straightforward. We review your goals, fix gaps in titling and beneficiary designations, and prepare Nevada-compliant documents that reflect your current wishes. Schedule a consultation or call (702) 957-1360 to keep your plan current.