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5 Estate Planning Musts

People of almost any financial means share some basic estate planning concerns, family-fishingwhich should be addressed in written plans. Here are some tips that can help.

1. UPDATE YOUR WILL

You already have a will, right? Update this document throughout your life when events including births, deaths, divorces and other changes occur.

2. CHECK YOUR EXECUTOR DECISION

While we’re talking about wills, make sure the guardian you named to care for your minor children isn’t an immature 40-year-old traveling the world.

3. CREATE A LIVING WILL

Also known as an advanced directive, this document details what medical steps to take if you can’t communicate them.

4. UPDATE YOUR BENEFICIARIES

When life changes, make sure your retirement plan, life insurance and estate beneficiary designations are current.

5. TALK TO YOUR TAX PROFESSIONAL

Taxes can sneak up on you when you build wealth or inherit assets. Talk to your tax pro.

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