Change to estate planning documents if you moved
If you moved to Nevada recently from some other state, you need to get your estate planning documents changed at least to show Nevada law controls, not the other state law.
An attorney can do an amendment to your grantor (living, revocable) trust that changes to Nevada law. The attorney can also correct your will by doing a codicil to change to Nevada law.
While you’re working with the attorney, it would be good to get the power of attorney for medical matters and the power of attorney for financial matters redone to be in compliance with Nevada law.
Just making those changes can avoid a lot of time, trouble and confusion in the future.
While you’re doing those changes, it’s a good time to be sure the documents show your current goals and desires. If you want to consider a change in trustees and executors, now is a good time to do that.
Serving as trustee and/or executor isn’t easy. Maybe a child or relative isn’t the best choice at this time. Whoever is chosen to do that work will probably work with your CPA and your attorney. It would be good for you and your chosen person to meet and go over all your goals and desires.
It might be good to leave an additional letter of instructions for other matters such as funeral services, burial or cremation, etc. That could be kept with your trust and will, but it would be best to discuss it along with where it’s kept.
If you have a safe deposit box, you might tell where the key to the box is kept. Maybe it’s best to keep that key with the trust, etc. If you want to give that person access to the safe deposit box, maybe you should go to the bank and get them authorization to access the safe deposit box.
Certainly if you have acquired special items such as antiques, valuable jewelry or collections you might do a list of possible appraisers and information about those special items.
It might be good to do some photographs (printed off your cell phone) of the items that need special valuation or handling.
Or you might consider making gifts now of some of the items to be sure the right person receives the special items. There would be no gift tax to pay if the total gifts are less than $11 million.
Did you hear, “People were created to be loved. Things were created to be used. The reason why the world is in chaos is because things are being loved and people are being used.” Unknown
John Bullis is a certified public accountant, personal financial specialist and certified senior adviser who has served Carson City for 45 years. He is founder emeritus of Bullis and Company CPAs.