|Is it time to update your will?
Many significant things can happen in a year. The Foundation suggests you consider reviewing your will or estate plan every four years. Here are several life changes and other noteworthy reasons to update your will, as well as your estate plans.
- You give birth to or adopt a child
- Your children reach adulthood
- You inherit or are given "new" assets
- The needs of your beneficiaries change
- You give away or sell assets mentioned in your current will
- Significant change in your assets’ value
- Purchase or sale of real estate
- A named beneficiary dies
- Death, relocation, or disabled executor or trustee
- Death of a spouse
- You wish to make a gift to your church or other United Methodist cause
Overcoming your fears can be hardest part of creating a will
Many people are intimidated by the prospect of creating a will, but preparing a will is as simple as writing a letter.
A well-written will is nothing more and nothing less than a statement of what is important to you. The most complicated part of preparing a will is simply taking the first step: deciding to do it.
Whether you are creating a will for the first time or revising it for the fifth time, you should use an attorney. Most attorneys charge relatively little for this service. They are experienced in writing wills and can walk you through the process. The Oklahoma United Methodist Foundation’s resource titled A Christian’s Guide to Planning Your Will & Trust can help you with the information needed.
Certain states have very specific requirements regarding wills. Many require witnesses and other formalities to make sure your will is authentic and reflects your wishes. Miss one of these requirements and your will may be invalid. If you hire an attorney who regularly drafts wills, he or she can help you with all of these basic requirements and suggest new ideas to make things even easier.
Once completed, your will can benefit your family, friends, church, and other charitable causes important to you.
A will is an excellent way to give without giving anything away today. Consider including a tithe of your will to benefit your United Methodist church or favorite ministry. By including your church or other United Methodist cause in your will, you can make a gift knowing you can live your life without sacrificing anything right now.
Take a moment today to consult your attorney. If you do not have an attorney, ask your friends and neighbors who they used to write their wills. You will probably spend far less than you think and receive far more peace of mind than you thought possible.
Contact the Foundation at 800-259-6863 for your complimentary copy of A Christian’s Guide to Planning Your Will & Trust.