USO

17 Reasons to Update Your Will

Issue link: http://interactive.legacybrochure.com/i/670765

Contents of this Issue

Navigation

Page 1 of 3

Worthwhile Updates Your Guide to When and How to Change Your Will Take a Look at What Has Changed Professionals advise that you review your will every few years and more often if situations like those that follow have occurred since you last updated your will. 1 ] Family changes. If you've had any changes in your family situation, you will probably need to update your will. Events like 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. 2 ] 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. 3 ] 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. 4 ] Tax law changes. Federal and state tax laws are constantly changing, so you will want to be aware of any updates that affect you. An outdated estate plan may fail to take advantage of strategies that will minimize taxes. 5. 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 the USO in your will. 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 If your will is outdated, it can actually cause more harm than good.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 17 reasons to update your will.

Articles in this issue

Archives of this issue

view archives of USO - 17 Reasons to Update Your Will