Estate planning basics with McGee Franklin Financial Group of Topeka

FOX 43 News

TOPEKA, Kan. (KTMJ) — Chris McGee, senior vice president of investments for McGee Franklin Financial Group of Wells Fargo Advisors, said the first step in planning your estate is seeking legal advice. Then, he says, the foundation of estate planning is understanding the documents that may be involved. Those include:

* Will: Appoints executor and provides direction on property after death
* Durable Power of Attorney: Gives someone power to make financial and legal decisions
* Power of Attorney for Health Care: Health care decisions
* Living Will: Expresses your wishes about care in the event of terminal illness
* Revocable Trust

McGee says the documents in your estate plan should be reviewed on a regular basis — at least annually or when you experience a life event. Life events include death, birth, marriage, inheritance or change in state residency.

Some of the key people involved in your estate plan may include:
*Executor: Carries out directions in your will
*Guardian: Typically cares for minor children
*Agents: Can make decisions on both your assets and health care
*Trustee: Manages property owned by the trust

For more information about estate planning or to talk about your current financial situation, contact the team at McGee Franklin Financial Group at (785) 271-2511.

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