Grinnell College

A Guide to Making Your Will

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© The Stelter Company The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. College and Alumni Relations Grinnell College 733 Broad Street Grinnell, IA 50112-1690 toll free (866) 850-1846 Fax: (641) 269-3222 www.grinnell.edu What Can You Put in Your Will? Only you know the special circumstances of your family members and heirs. That's why it's important to discuss these factors with your attorney. Some things to address include how you want to distribute your estate, whom you want to be executor and what charities you wish to support. For example, you may want your will to: • Name the executor of your estate. • Give your property to those you choose. • Set up trusts to save on taxes and provide financial management. • Name a guardian for minor children. • Ensure lifetime care for a child with a disability. • Pass what you choose to children of a prior marriage. • Set guidelines for distributions if you and your spouse die at the same time. Ask your attorney about a living will and a durable power of attorney in case you become incapacitated. Why Leave Charitable Gifts in Your Will? Bequests allow individuals to make larger gifts than they could during their lifetime to support our work. In addition, gifts through a will are flexible—they can be changed as individuals' circumstances in life change. You Can Revoke Your Will Note that one of the articles in your will is "revocation of prior wills and codicils." Relationships and situations change. You are free to alter your will with a codicil or to change your will entirely at any time. If you have a prior will, ask your attorney what to do with it to avoid confusion about which version is most current. We want to work with you to create a gift that best fits your circumstances and our needs. To learn more about including Grinnell College in your will, please contact us today. Typical Components (Articles) of a Will Your attorney may suggest other components, but be prepared to talk about these items so you will be in a position to have a document drafted that accomplishes your wishes. ✓ Revocation of prior wills and codicils ✓ Name of executor ✓ Payment of taxes and administration of estate ✓ Payment of debts ✓ Specific gifts ✓ Residuary estate ✓ Common disaster

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