Leaving Your Legacy
Estate planning is not a subject any of us like to think about. It’s a hard topic; thinking about our estate makes us think about our own mortality and what legacy we will leave behind.
As you consider the many items that make up your estate, it’s important to think about what will happen to the things you have worked your entire life to accumulate. You not only have to think about assets like money and real estate but also who might get that treasured family heirloom.
Do you think you’ve got this all taken care of? How long has it been since you’ve reviewed your estate plans? Even worse, do you not have plans?
Consider some of the following reasons for reviewing your plans:
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The individuals you have named are deceased.
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New people should be named in your will (e.g. birth, adoption).
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Divorce or marriage.
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Change in guardians, personal representatives, or trustees.
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A substantial increase or decrease in the value of your estate.
The acquisition or disposition of a significant asset.
The passage of time is reason enough. You should review your will and estate planning documents every three to five years.
Once they make a will, many people put it in a safe deposit box or leave a copy with their attorney, and forget about it. Is it time for you to review your plans?
If you have any questions about estate planning, please contact David Woods, Director of Development at dwoods@voa.org or toll free 1-877-435-7862.