Making New Year’s Resolutions: Review Your Estate Plan

When was the last time you looked at your will or trust documents? Estate planning attorneys recommend reviewing an estate plan at least every five years to make sure that bequests are being made according to your wishes and current needs. The needs of your loved ones and your personal interests change constantly.

Consider the following important questions:

• Is everyone included in your current will to whom you wish to make a bequest?
• Does your will include a provision for those with special needs?
• Does a guardian need to be identified for young children?
• Do you have more grandchildren today than you had when you last updated your will?
• Have any of your heirs passed away?
• Have you included a bequest to your favorite charities?

Without a will or trust your specific wishes will not be carried out. Instead, the laws of the state in which you reside dictate the disposition of an estate. State laws that govern estate dispositions are likely to not be the same as yours, and they do not include bequests to charitable organizations such as Homeboy Industries.

As the New Year begins consider including among your resolutions a review of your will, trust, life insurance needs, and pension fund distributions. There are many estate planning strategies that can save tax dollars and allow you to make larger gifts to your loved ones and charitable organizations than you may think possible.

Our development office can assist with direction in this area. To request information about estate planning strategies contact Vince Fraumeni, Director of Gift Planning, at (323) 526-1254 ext. 312, vfraumeni@homeboy-industries.org, 130 W. Bruno Street, Los Angeles, CA 90012.

The information in this article is for educational purposes only. For legal or tax advice Homeboy Industries recommends contacting your legal or tax advisor.