Need help with your estate planning? Attorney Misty Watson with the Danna McKitrick Law Firm offers some advice.
Watson says that when updating your documents, you should consider not only the property and assets that are being distributed, but also the people involved. Carefully consider beneficiaries as well as people with whom you have entrusted other responsibilities, including the executor of your will, trustee of a trust, power of attorney, and guardian of your children.
Reasons To Update Your Estate Plan include:
• New baby/child
• Family member gets a diagnosis
• Death of a family member or beneficiary
• Move from another state
• Change of guardian(s)
Reasons To Do Your Estate Plan in 2016:
• Substantial savings for probate fees
• Control of who makes decisions on your behalf
• Naming guardian for children
• A will is the only place you can name legal guardian
• Reduce future taxes
• Recognized charities important to you (tax benefit, too)