Attorney Misty Watson of the Danna McKitrick law firm stopped by Fox 2 today to give people vital information in planning their estate in case of emergency.
Many people wait until the last minute to update documents such as their will, or not at all.
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. These responsibilities include the executor of your will, trustee of a trust, power of attorney and guardian of your children.
Below are possible events and circumstances that may require changes in your will or other estate planning documents:
- New baby/child
- Family member gets a diagnosis
- Death of a family member or beneficiary
- Change of guardians
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 a legal guardian
- Reduce future taxes
- Recognized charities important to you (tax benefit as well)