Has Your Life Changed? So Should Your Estate Plan

Ever look at the calendar and marvel at what year it is? Has that much time really gone by?

With time’s passage comes change: Babies are born, loved ones depart. We move to a new town, start a new job. Laws get revised. We discover a new passion, a new cause.

When changes happen, it’s important that your estate plan reflects them. Here are key categories to consider:

Timing: Did you write your will prior to 2001? A lot has changed in the world of estate taxes. For example, the amount you can leave to heirs without paying federal estate tax rose from $675,000 to more than $12 million in 2022.
Relationship status: A change in your marital or long-term relationship means you may want to alter your will and beneficiary designations.
Children: Perhaps you now have children or grandchildren, and you want to ensure you have provided for them. Or, you created a will when the kids were young and they are now grown and financially stable.
Residence: Legal requirements and taxes vary by state. If you’ve moved to a new state since creating your will, you’ll want to see what impact that may have.
Family and friends: Our connections with people sometimes shift over time. You may want to increase or decrease the amount left to certain individuals, or even add or remove them from your will or beneficiary designations.
Pets: Ensure that your pets are cared for after you’re gone. Name a guardian you trust and assign assets to provide for your pet’s food and veterinary care.
Charitable causes: If you have formed new or stronger connections with certain nonprofits and want to take your support to the next level, you can set up gifts in your estate plan to ensure your values endure after your lifetime.

Does the ELCA Foundation Belong?

When creating or updating your estate plan, we hope you consider the role the church has played in your life and how you can continue making a difference. Contact your regional gift planner today to discuss how your dedication can last.