2021: Time to Create or Review Your Will? Changes in People


STEVE NICHOLS Director of Gift Planning ARP Foundation


• Change in your marital status or that of family members • Newly born or adopted children or grandchildren who reach legal age   • Moving out of the state in which your existing estate plan was drafted


A


wonderful couple encouraged us with the humble admis- sion, “We’ve been planning to


 past 35 years!”


For individuals or families who have no personal will, creating one is a critical project. In addition, many of us sign our wills or plan our estates and forget about them as they sit in the lockbox or in a virtual vault. Dif- - omy, COVID, or changes in tax laws require that we view estate planning as a continuing process. At a minimum, a review of your es- tate plan is wise every three years, but a better approach is a review/update whenever there is a change in your people, your property, or your plans:


Changes in Property


• An increase in the value of property or change of legal residency  • An inheritance or the purchase of additional life insurance • A retirement plan that substantially increased in value in 2020


Changes in Plans


• Substantial change in tax laws since your estate plan was drafted • Changes in your desires and convictions for distribution of your estate  • A change in a business relationship


The couple who waited 35 years did complete and update their wills with


 provide for their unique family needs, and minimize their taxes.


 Guide to Planning your Estate or take advantage of our con-


 or obligation.


Steve Nichols Director of Gift Planning Snichols@arpsynod.org 864-236-5242


http://thearpfoundation.org/


Stewardship Resources for the Kingdom March/April 2021 13


ARP Foundation


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32