According to Lexis Nexis, 55 percent of Americans do not have a will or estate plan in place. And if you did establish a will, how long ago did you do so? It’s a troubling thought, but keeping an outdated will can be just as unfortunate as not having one at all. Not to worry—updating a will can be easier than you think. A great way to start is to consider these questions:
- Have there been any changes in your family that would impact whom you choose as beneficiaries? Consider new children, grandchildren, marriages, divorces, and remarriages.
- Have your assets changed? These may include property, business, or retirement plans.
- If you are moving to a new state, is your will in compliance with the laws of that state? Wills and estates vary greatly by jurisdiction.
- Are you getting the most out of your will? Tax laws and exemption amounts evolve constantly.
- Have your personal affiliations with charities changed? It is always good to reevaluate your provisions for charity to ensure your wishes are carried out.
We are happy to partner with you and your professional advisor as you fine-tune your philanthropic strategy and legacy. Check out the many ways you can plan ahead, and meet our Advancement team, always able to answer questions and help you get started.