Your will, like many items, can become outdated. Here's how to ensure that your plans meet your current life circumstances and goals.
When to Update Your Will
Here are some circumstances that make it vital to update your will:
- The estate tax laws have changed. If you die in 2009, federal estate taxes are assessed if you own more than $3.5 million. The estate tax, however, is scheduled to disappear in 2010-only to be reinstated in 2011 with only a $1 million exemption.
- You want to name a different personal representative, trustee or guardian.
- Your estate has increased or decreased significantly.
- You've moved to another state.
- Your situation or a beneficiary's situation has changed. Has your family changed because of marriage, divorce, birth, adoption or death?
- You want to include a charitable bequest in your will. If you wish to remember the organizations closest to your heart, consider bequeathing a gift of cash, real estate or other property.
How to Update Your Will
Step 1: Obtain a copy of your current will.
Step 2: Mark the necessary changes.
Step 3: Meet with your estate planning attorney.
Step 4: Discuss changes with us if they will affect Jewish Community Foundation of Los Angeles.
If you have additional questions on updating your will or are considering adding a charitable bequest, please contact an estate planning attorney or Development Office at 323-761-8704 or development@jewishfoundationla.org.