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 will 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 tax is much higher than it was years ago. It’s up to $13.61 million in 2024.
- 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 add and remove them from your will or beneficiary designations.
- Pets: Ensure that your pets are taken care of after you’re gone. Name a guardian you trust and assign any assets to provide for your pet’s food and veterinary care.
- Charitable causes: If you have formed connections with certain nonprofits, such as Texas Parks and Wildlife Foundation, 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.
When creating or updating your will and other parts of your estate plan, we hope you consider the role Texas Parks and Wildlife Foundation and our state’s wild things and wild places have played in your life and how you can continue making a difference for years to come.
Contact Amy Allen at 512-694-9782 or aallen@tpwf.org today and learn how you can make a planned gift to leave a wild legacy for Texas.
