Looking at the Big Picture
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There is perhaps nothing more certain in life than change. As we grow older our needs shift and change, and so do the needs of our loved ones. That's why it is so important to have an estate plan that is up-to-date and reflects our current situation.
Having a plan in place for your estate is one of the most thoughtful gifts you can give your family. Knowing that your wishes will be carried out can give you peace of mind now and can ensure that your loved ones will be protected in the future.
Reviewing goals
You may already have plans in place, but if your life has changed since you made your will or established a trust, now may be the time to review. Periodically going over your goals with trusted professionals is sound advice that can save money and heartache in the long run. Many times simple updates are all that are needed.
Taking action
Once you take a look at where you are, you can determine what to do to get where you need to be. Our Q & A section in this issue will help you chart your course.
If your life circumstances have changed, such as moving to another state or marrying, you may also need to change your insurance beneficiaries or update your will. Perhaps you would like to establish charitable donations that can bolster your financial security and help save you money on your taxes. If you want to remember The University of Alabama in your plans, we will be honored to have your support in providing the highest quality of education to our students.
"When I began going over my future plans, I knew I wanted to help other students have the same great opportunities at UA that I had," said Baker Crow. "By donating to the University, I know I've made that happen."
Keep reading to find out more about planning your estate. We are just a phone call away, and we'll be glad to answer any questions you may have about including charitable donations in your plans.
First step
The first step to having a solid estate plan is making sure you have a will in place. Laws can vary from state to state, so if you've moved it's a good idea to double-check what you have.
Financial affairs
If you have people who depend on you financially, adequate life insurance is paramount. Other ways to establish financial security are trusts or charitable gifts that can provide income for life.
Get organized
Make a list of bank account numbers and put it in a safe place with other important papers like your will, deed and stock certificates.
Do it now
One of the biggest mistakes that people make in estate planning is simply not doing it. Without a will and other instructions in place, your family could be left with a jumble to untangle. By setting up crucial documents, you ease the burden on your loved ones and your assets go precisely where you want.