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The Crimson Legacy — Volume 10, Issue 2 UA Home The University of Alabama Copyright © 2005
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Practical Questions and Answers
If it’s been a while since your will and other estate plans were created or reviewed, you may want to take a few minutes to review the questions and answers below. They may be helpful in determining whether or not your plans are adequate and up to date. 1. Do you have a will or other legal arrangements in place to distribute your assets? It has been reported that over half of adult Americans do not have a valid will. Those persons may be unintentionally compromising the futures of those who rely on them. 2. If you have made plans, are you completely satisfied with them? It may be wise to periodically review your plans in light of changes in your personal life and/or financial circumstances. 3. Has there been a change in your marital status since making or reviewing your will? Such major changes should certainly prompt an update of plans. 4. Have you moved to a new state since last reviewing your plans? State laws regulating wills can vary from state to state, so you may need to review and possibly revise plans with an attorney in your new state. 5. Have members of your circle of loved ones changed since your last review? Although a change in your plans may not be necessary, it is best to make sure everyone you wish to remember is included. 6. Are your charitable interests the same as when you made your present will? A number of our alumni and friends arrange gifts through their wills or other estate plans to provide eventual gifts to the University and other charitable interests. 7. Do your plans take into account changes in tax laws over the last few years? Changes in tax laws may affect your estate plans in a variety of ways. It may be wise to schedule a review of your plans with an experienced professional advisor. Simple Transfer of Assets
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