Tips for developing or updating wills, an estate plan

Good Morning CT at Nine

(WTNH)– The coronavirus is prompting many to update their wills and estate plans, or finally get one started.

Local Financial Professional, Roger Cowen from Cowen Tax Advisory Group, shares why having an estate plan is so important in the video above.

There are several steps, and it takes a team to develop a legacy plan. An attorney will help prepare legal documents, like wills and trusts. You also want to work with someone who understands relevant estate laws and a CPA who can advise on tax considerations.

Estate plans are different for each person, and you should work with your estate planning team to determine what fits your needs. Some common areas to think about are:

  • Write a Will
  • Create a Living Will
  • Name a Health Care Power of Attorney
  • Decide on a Financial Power of Attorney
  • Set Up Trusts

You can find an estate planning checklist at cowentaxgroup.com to help you get started.

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