When and How to Update Your Will

When to Update Your Will
Here are some circumstances that make it vital to update your will:
  • You want to name a different executor, trustee or guardian.
  • Your assets have significantly increased or decreased in value.
  • You've moved to another state.
  • Your situation or a beneficiary's situation has changed. Has your family changed because of marriage, divorce, birth, adoption or death?
  • You want to include a gift to us in your will. Consider leaving us a percentage of your estate or the balance remaining after bequests are distributed to your loved ones.
  • The estate tax laws have changed. Check with your estate planning attorney to make sure your estate plan is up-to-date with the federal estate tax law changes effective Jan. 1, 2013.
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When changes occur in your life, remember to update your estate plans for assets not controlled by your will. For example, you may need to change beneficiary designations on your retirement plan assets or life insurance policies.

How to Update Your Will

Step 1: Get a copy of your current will.
Step 2: Mark the areas you'd like to change.
Step 3: Meet with your estate planning attorney to draft and prepare your new document.
Step 4: Consider discussing changes with us if they may affect Gustavus Adolphus College.

Contact your estate planning attorney if you have additional questions on updating your will. If you are considering including a gift to us in your will, please contact Jackie Peterson at 507-933-7543 or jpeters9@gustavus.edu.

The official legal bequest language for Gustavus Adolphus College is: "I, [name], of [city, state, ZIP] give, devise and bequeath to Gustavus Adolphus College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose [or specify purpose]."