Welcome back. We are here to talk more about estate planning updates that should be made before the beginning of each year. If you missed our previous blog post, be sure to visit back with it, as well, before moving on.
Estate Planning Updates | Attorney in Cary NC
You should review the beneficiaries named in your will to ensure they are still receiving the bequest that you wish to leave them. Also review the person(s) designated as your financial POA and health care POA to see if they are still the people you want representing your interests should you become incapacitated. If they have had a major life change regarding where they live or their health, you may want to consider naming other people to handle your affairs. If you don’t make any changes in who is designated to handle your estate or make decisions about your health on your behalf, you may still want to make sure he or she knows the responsibilities and is still up to the task.
It is important to make sure the information in your estate plan is accurate, not only so that your wishes can be carried out but so that the tax information is correct. Keep in mind that if you had an increase or decrease in your assets it could affect how your estate is taxed at the state or federal levels. Your estate planning should factor in these taxes so that your estate won’t be depleted before it even reaches your beneficiaries. Changes in your estate could affect how it will be divided.
Don’t forget to come back for the next in this series where we’ll talk about the gift exemption tax.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate attorney in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our attorney in Cary NC to get started estate planning, today.
Eldreth and Eldreth | Attorney in Cary NC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our attorney in Cary NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.