Many people wait until the last minute to update documents such as their wills.
A story on fox2now.com says that when you update 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 to whom you have entrusted responsibilities such as executing your will, serving as a trustee, power of attorney and guardian of your children.
The story lists the following events and circumstances that may require changes in your will or estate planning documents:
- marriage
- divorce
- new child
- illness
- death of a family member
The story also suggests these are good reasons to do your estate plan this year:
- savings on probate fees
- naming a guardian for your children
- reducing future taxes
- helping charities you like
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.