If you died today, would you be comfortable knowing that you had accumulated and conserved your assets as you had planned? And would your will, the way you have planned to distribute those assets, do what you had intended?

Whether you haven't created a will or it's been awhile since you updated it, now is the time to get your last wishes in order. Life changes quickly, and wills should be updated to acknowledge significant changes. Follow these tips to ensure that your will accurately reflects your wishes and present circumstances.

Put People First
Don't think of your will in terms of only probate, taxes, bequests and other legal jargon. This important document is primarily about people—your spouse (if you're married), children, grandchildren, nieces, nephews, other relatives, close friends and charitable organizations such as Kappa Alpha Order Educational Foundation that serve others.

Carefully consider your beneficiaries' financial, medical and educational needs. Give serious thought to each beneficiary's age, experience, and mental or physical competence that could affect that individual's ability to manage the money and other assets you expect to leave. Remember, you won't be around to make the decisions.

Thinking about putting a trust in your will? You can decide whether the trust should last for a set period of time, for as long as each beneficiary lives or until each beneficiary has reached a certain age. In your will, you tell the trustee to distribute the trust income (and perhaps the principal, too) according to the needs of your beneficiaries. Payments by your trustee to a mature adult are usually direct (unless the individual is incapacitated), but amounts needed for a minor's support and education can be paid to a guardian, college or other provider.

Changes That Require a Will Update

Family situation.
Births, deaths, marriages, divorces or other similar events may cause you to add or delete beneficiaries or to alter their shares of your estate.

Estate size.
If the value of your assets has substantially changed, you may want to adjust the amounts provided in your bequests. If your estate has grown, you may need to explore ways to minimize estate taxes.

Acquired or removed assets.
You may want to bequeath newly received, purchased or inherited possessions to those who would most appreciate them. Assets that you have sold or donated should be omitted from your will.

Your personal wishes.
You may want to divide your estate differently—to add new beneficiaries or omit others. Unless you've already done so, you may want to create trusts to reduce taxes, manage investments and protect beneficiaries.

A new residence.
If you've moved to a new state, it's wise to have your will reviewed by an estate planning attorney in your area. The laws of each state are not always consistent when it comes to executing wills, rights of a surviving spouse and powers of fiduciaries.

How to Update
Make changes by asking your attorney to prepare a codicil (an amendment) or to draft a new will. A codicil is fine for minor changes, but major revisions call for a fresh will.

Remember, your will isn't carved in stone. If it has been more than three years since you've reviewed your will, give it another look. You may see an overlooked opportunity to do more for your loved ones.

Your Legacy
Will your good works continue after your lifetime? Consider including a bequest in your will by designating a portion of your estate for our use. Call KAOEF to find out how to easily include our organization in your will.

Please call Erik Showalter at 540-460-1401 or 540-463-1865, or e-mail us at eshowalter@ka-order.org, for more information.