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As the New Year dawns, a common practice for many of us is to make resolutions about the things we wish to accomplish in the coming year. We say things like “I want to lose weight.” or “I want to save more money.” or “I want to fly more often!”
This year, please resolve to update your estate plans, especially your will!
When was your will written or last updated? Are all of the beneficiaries you listed still living? Are there any beneficiaries, such as new grandchildren, you might want to add? Have you moved to a different state? Have your charitable interests changed?
If you answered yes to any of these questions, now might be a good time to review and update your will.
Or, perhaps you have yet to create your will. When an individual dies without a will, their assets are distributed based on the laws of their state. It does not matter to the state to which relatives you are close to, or to which charities you would like to give a final gift. The laws are applied uniformly to each case. When you have an updated will in place, you are assured that your wishes are carried out, not those of the state.
Whether you have a will that needs to be updated, or have yet to create your will, this year, resolve to have your estate plans in place!
The AOPA Foundation can help! Click here to download our free Estate Planning Organizer. Or, feel free to contact us at [email protected] or (301) 695-2320 for more information on how you can leave your legacy for general aviation.
If you have included a gift to the AOPA Foundation in your estate plans and would like to join our Legacy Society, please click here.
This post was originally published by AOPA on . Please visit the original post to read the complete article.