Many folks 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 keep in mind not only the property and assets that are to be distributed, but also the people involved.
Carefully think about 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 article lists the following events and circumstances that may force changes in your will or estate planning documents:
- new child
- 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