Now is the perfect time to update your will
As you focus on spring cleaning tasks this season, consider making time for perhaps the most important organization project of all: preparing or updating your last will and testament. Approximately 65% of Americans currently do not have a will, and many pass away every day without having created this critical document to give their surviving family and friends peace of mind.
If you were to pass away today, ask yourself who would inherit your property? Who would care for your minor children until they are mature enough to make sound life and financial decisions? What charities would you want to support and carry forward your legacy?
If you were to pass away without a last will and testament – which is legally known as dying “intestate” – major decisions would be left up to your state of residency. This includes appointing guardians for your children and distributing your assets, potentially causing disharmony among your loved ones. If your family has experienced any important life events since your plan was last updated – such as marriages, divorces, births, deaths, or changes in financial situations – now is the perfect time to make adjustments.
There are significant incentives to clearly outlining your personal wishes, especially regarding child custody, distribution of real estate or assets, planned charitable giving, and passing on your values. A carefully prepared will can also help reduce expenses, estate taxes, and taxes on retirement plans, while minimizing conflicts relating to settling your estate.
You can prepare your will using CresWill, a free, online will-planning tool that guides you through easy-to-understand prompts. Create a valid will that can be downloaded and printed in just minutes, securing your legacy and your family’s future this spring.
For more information about estate planning, visit https://umw.giftlegacy.com/ or contact Executive Director of Gift Planning and Major Gifts Jeremy Vaughn ’08 at jvaughn@umw.edu or 540-654-2063.
-Article written by Assistant Director of Advancement Communications Jill Graziano Laiacona ’04 for the Gift Planning Connections newsletter, Spring 2025
Copyright: 2016, 2023 & 2025 Crescendo Interactive, Inc. Used by permission: TF-2016-011.1-sr, 23KJ14, 24KJ34
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