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Good Things Happen When You Make a Will
Double Check When changes occur
in your life, remember to update your estate plans for assets not
included in your will. For example, you may need to change beneficiary
designations on your retirement plan assets or life insurance policies. When to Update Your Will Here are some circumstances that make it vital to update your will: - You want to name a different executor, trustee or guardian.
- Your assets have significantly increased or decreased in value.
- 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 gift to us in your will. Consider leaving us a percentage of your estate or the balance remaining after bequests are distributed to your loved ones.
- 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, and then be reinstated in 2011 with only a $1 million
exemption.
How to Update Your Will Step 1: Get a copy of your current will. Step 2: Mark the necessary changes. Step 3: Meet with your estate planning attorney to draft and prepare your new document. Step 4: Consider discussing changes with us if they may affect Sisters Hospital Foundation.
Contact your estate planning attorney if you have additional questions
on updating your will. If you are considering including a gift to us in
your will, please contact Julie Snyder at 716-862-1992 or jsnyder@chsbuffalo.org.
The official bequest language for Sisters Hospital Foundation is: "I,
[name], of [city, state, ZIP], give, devise and bequeath to Sisters
Hospital Foundation [written amount or percentage of the estate or
description of property] for its unrestricted use and purpose."
Copyright © The Stelter Company, All rights reserved.
The information in this Web site is not intended as legal advice. For
legal advice, please consult an attorney. Figures cited in examples are
for hypothetical purposes only and are subject to change. References to
estate and income tax include federal taxes only. Individual state
taxes and/or state law may impact your results.
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