Featured Article
Keeping Your Will Up to Date and Safely Stored Will Provide You with Peace of Mind
Posted March 2008
For most of us, it's one of life's milestones that first prompts us to prepare a will. Often, however, the will is then tucked away in a desk drawer or safe-deposit box, all but forgotten and static—unchanged as our lives continue to evolve.
The fact is, any change of circumstances in your life should cause you to take action and reexamine your will. These might include:
- The addition of a new family member, such as the birth of a child or grandchild.
- A change in marital status such as marriage, divorce, or the death of a spouse.
- Changes in assets.
- A change in health.
When is the best time to review your will? Now. Don't wait until there has been a death in your family or until you are ill and worried about the future. These are times of emotional stress. Review your will now, while you are thinking about it.
Where should you store your will? If a will cannot be found, an estate will be distributed according to the often inflexible intestacy rules of state government.
Keep your original will in an attorney's vault or in a bank vault if the bank is acting as executor. Keeping your will in a safe-deposit box can create delays, since many states restrict access to such boxes without court approval.
Gifts by will are an integral part of the American philanthropic tradition. Our tax laws encourage support of charitable institutions through tax deductions and estate-tax savings. Through your will you can continue to support the organizations, such as , that you have assisted during your lifetime.
If you would like more information on how to change your will or make a bequest to , please click here.
SAFEGUARDING YOUR RECORDS AND DOCUMENTS In addition to your will, your personal and financial records, legal documents, and tax returns are all essential to an efficient settlement of your estate. As such, they should be safely stored but readily accessible when needed. The following chart lists those records and documents that will prove helpful, suggests where they should be stored, and explains why they are important.
|
|||||||||||||||||||
Office of Planned Giving
University of Michigan Office of University Development
734-615-2022 • toll free 866-233-6661 • Contact Us
Disclaimer