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You have a will, so you can rest easy, right? Not necessarily. If your will is outdated, it can actually cause more harm than good. Even though it can provide for some contingencies, an old will can’t cover every change that may have occurred since it was first drawn. Here are five reasons to update your will.
Keep it current
When life changes, so should your will. Ensure that this important document matches your current wishes by reviewing it every few years.
Take a look at what has changed
Professionals advise that you review your will every few years and more often if situations such as the following five have occurred since you last updated your will.
- Family changes. If you’ve had any changes in your family situation, you will probably need to update your will. Events such as marriage, divorce, death, birth, adoption, or a falling out with a loved one may affect how your estate will be distributed, who should act as guardian for your dependents, and who should be named as executor of your estate.
- Relocating to a new state. The laws among the states vary. Moving to a new state or purchasing property in another state can affect your estate plan and how property in that state will be taxed and distributed.
- Changes in your estate’s value. When you made your will, your assets may have been relatively modest. Now the value may be larger and your will no longer reflects how you would like your estate divided.
- Tax law changes. Federal and state legislatures are continually tinkering with federal estate and state inheritance tax laws. An old will may fail to take advantage of strategies that will minimize estate taxes.
- You want to support a favorite cause. If you have developed a connection to a cause, you may want to benefit a particular charity with a gift in your estate. Contact us for sample language you can share with your attorney to include a gift to us in your will.
Get the help you need
To make sure your will accomplishes all you intend, seek the help of an attorney who specializes in estate planning. Already finalized your charitable distribution to the AGA Research Foundation? Send us your letter of intent at foundation@gastro.org.
You have a will, so you can rest easy, right? Not necessarily. If your will is outdated, it can actually cause more harm than good. Even though it can provide for some contingencies, an old will can’t cover every change that may have occurred since it was first drawn. Here are five reasons to update your will.
Keep it current
When life changes, so should your will. Ensure that this important document matches your current wishes by reviewing it every few years.
Take a look at what has changed
Professionals advise that you review your will every few years and more often if situations such as the following five have occurred since you last updated your will.
- Family changes. If you’ve had any changes in your family situation, you will probably need to update your will. Events such as marriage, divorce, death, birth, adoption, or a falling out with a loved one may affect how your estate will be distributed, who should act as guardian for your dependents, and who should be named as executor of your estate.
- Relocating to a new state. The laws among the states vary. Moving to a new state or purchasing property in another state can affect your estate plan and how property in that state will be taxed and distributed.
- Changes in your estate’s value. When you made your will, your assets may have been relatively modest. Now the value may be larger and your will no longer reflects how you would like your estate divided.
- Tax law changes. Federal and state legislatures are continually tinkering with federal estate and state inheritance tax laws. An old will may fail to take advantage of strategies that will minimize estate taxes.
- You want to support a favorite cause. If you have developed a connection to a cause, you may want to benefit a particular charity with a gift in your estate. Contact us for sample language you can share with your attorney to include a gift to us in your will.
Get the help you need
To make sure your will accomplishes all you intend, seek the help of an attorney who specializes in estate planning. Already finalized your charitable distribution to the AGA Research Foundation? Send us your letter of intent at foundation@gastro.org.
You have a will, so you can rest easy, right? Not necessarily. If your will is outdated, it can actually cause more harm than good. Even though it can provide for some contingencies, an old will can’t cover every change that may have occurred since it was first drawn. Here are five reasons to update your will.
Keep it current
When life changes, so should your will. Ensure that this important document matches your current wishes by reviewing it every few years.
Take a look at what has changed
Professionals advise that you review your will every few years and more often if situations such as the following five have occurred since you last updated your will.
- Family changes. If you’ve had any changes in your family situation, you will probably need to update your will. Events such as marriage, divorce, death, birth, adoption, or a falling out with a loved one may affect how your estate will be distributed, who should act as guardian for your dependents, and who should be named as executor of your estate.
- Relocating to a new state. The laws among the states vary. Moving to a new state or purchasing property in another state can affect your estate plan and how property in that state will be taxed and distributed.
- Changes in your estate’s value. When you made your will, your assets may have been relatively modest. Now the value may be larger and your will no longer reflects how you would like your estate divided.
- Tax law changes. Federal and state legislatures are continually tinkering with federal estate and state inheritance tax laws. An old will may fail to take advantage of strategies that will minimize estate taxes.
- You want to support a favorite cause. If you have developed a connection to a cause, you may want to benefit a particular charity with a gift in your estate. Contact us for sample language you can share with your attorney to include a gift to us in your will.
Get the help you need
To make sure your will accomplishes all you intend, seek the help of an attorney who specializes in estate planning. Already finalized your charitable distribution to the AGA Research Foundation? Send us your letter of intent at foundation@gastro.org.