Best Retirement Living: When Did You Last Think About Your Will?

woman signing willby Beth Sheppard, Development Director at The Cedars

Some people’s wills were written decades ago. Without regular review and updating, such wills can create confusion and needless expense for surviving family members.

The following life events usually require a modification of your will:

  • Marriage or remarriage
  • Birth or adoption of a child or grandchild
  • Divorce
  • A child or grandchild reaching legal adulthood
  • Death of a spouse
  • Increase in the value of your assets or acquisition
    of new assets by gift or inheritance, or purchase of real estate
  • Giving away or selling assets mentioned in your will
  • The death of a beneficiary named in your will
  • A move – especially to a different state
  • Your executor or trustee dies, moves, or becomes disabled

You should take time at least once a year to review your will to ensure that it is up to date with your current needs and circumstances. Set a date that is meaningful to you and that you will remember (such as your birthday or anniversary) as a review date and put it on your calendar.  Ask your attorney to look at your will every 4-5 years, as well. Changes in state or federal laws can affect the taxation or distribution of your estate.

Small changes require the creation of a codicil. This is simply a written addition that preserves the bulk of your existing will. To make major changes, a complete new will (which revokes all prior wills) may work better. We suggest that you consult an attorney in either case.

If you do decide that you need to make a codicil or a completely new will, we hope that you will consider adding a testamentary gift, or bequest, to The Cedars. The language you’ll need to do so can be found by clicking here.

As you review your estate plans, you may come across assets that will generate heavy tax burdens for your family. Such items may be subject to both income and “death taxes,” leaving heirs with only a fraction of their inheritance. Such assets may include U.S. savings bonds, royalties under a patent license, IRA benefits and deferred compensation. 

Through a carefully planned gift to The Cedars, you can create estate tax charitable deductions that save even more taxes for your heirs. Please visit our website or call Beth Sheppard at the Development Office at The Cedars at (207) 221-7007 if you have questions about planning any kind of gift.