Planning Pointer
Has Your Will Kept Up with Your Life?
Published February 2006
Usually, one of life's milestones, such as marriage or the birth of a child, first prompts us to have a will prepared. Often, however, the will is then tucked away in a desk drawer or safe deposit box, all but forgotten, static and unchanging as our lives continue to evolve.
The fact is, any significant changes in your life should cause you to reexamine your will. These might include:
- The addition of a new family member, such as the birth of a child or grandchild. If you have not named a guardian for a new dependent, you will want to; otherwise, inflexible state law will determine who has the responsibility for your children if something happens to you. If you have named guardians for your dependents, additions to the family may mean added responsibilities for those guardians. Are they up to the task?
- A change in marital status, such as marriage, divorce, or the death of a spouse. If you are married, what provisions might have to be made for your new spouse? A divorce may mean a significant change in your assets and may require a rethinking of your plans. If you are recently widowed, do you need to make decisions about the assets you received from your spouse's estate?
- Changes in assets. Over time your assets (which include nonprobate assets such as retirement-plan benefits and life insurance) may have increased in number and value. If so, federal estate taxes could alter your plans and your ability to distribute your assets as planned.
- Health conditions. Lifesaving techniques and medicines can prolong life, but at what point should the struggle to preserve your life be halted? Will a prolonged struggle to continue life jeopardize your plans for the security of your family? A living will may be appropriate, and you may want to decide now who will manage your affairs in case of an incapacitating injury or illness.
When is the best time to review your will? Now. Don't wait until there has been a death in your family or until you are ill and worried about the future. These are times of emotional stress. Review your will now, while you are thinking about it.
Gifts by will are an integral part of the American philanthropic tradition. Our tax laws encourage support of charitable institutions through tax deductions and estate-tax savings. Through your will you can continue to support the organizations, such as the College of Saint Rose, that you have assisted during your lifetime.
If you would like more information on how to change your will or make a bequest to the College of Saint Rose, please click here.