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Keep Your Will Up to Date

You have a will. So, when you see advertisements, slogans or statistics about people who have not made a will, you rest easy, secure in the knowledge that you have a valid, up-to-date, legally enforceable will.

Or do you?

Make Sure
If you drafted your will even just a few years ago, it may no longer accomplish what you wish. Unless you have experienced no life changes and believe that the many tax changes over the years could not affect you, your will is likely to be in need of review and possibly an update. Consider the following:

Significant tax changes take place almost annually. The tax reforms of 2001 introduced many changes that affect tax and estate planning, and changes in federal and state laws can affect your will.
If you've had any type of change in your family situation, you will probably need to update your will. Marriage, divorce, remarriage, death, birth, adoption, a falling out with a relative or close friend—these circumstances may affect how your estate will be distributed, who should act as guardian for your minor children and who should be named as executor of your estate. An estate plan that you created with a spouse from whom you are divorced or widowed may not work for you now.
A move to a new state or purchasing property in another state can affect your estate plan and how property in that state will be taxed and distributed.
If you've experienced a life-altering event or are feeling grateful for something you received, you may want a particular charitable organization, such as Sisters Hospital Foundation, to benefit from a gift in your estate.

How to Change Your Will
Executing a new will or a codicil, which is an amendment to an existing will, is the way to change your will. By drafting a codicil, you can let some parts of your will continue in effect while other parts are modified or eliminated. A codicil must be executed with the same formalities as the original will, but may be the easiest and most inexpensive way to change your will.

If you execute a new will, it will typically state that any previous will is automatically revoked. Your will must be executed legally; that is, you must sign a will in the presence of two or more witnesses (depending on state law), and, in some states, a notary must acknowledge that you and the witnesses signed the will.

If it's been three to five years since you last reviewed your will, why not do it now? The peace of mind is worth the effort!

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

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.