National Estate Planning Week is October 16–23

Now’s the Time to Finalize Your Estate Plan

With National Estate Planning Week on the horizon (October 16-23), it is a great time to consider how you want your love, care and generosity to extend beyond your lifetime.

If you have not finalized your will, don’t worry—you’re not alone. According to a 2023 Caring.com study, nearly two-thirds of U.S. adults have not created wills. The good news is that, if you’re reading this, you still have time
to do so.

According to a 2023 Caring.com study, nearly two-thirds of U.S. adults have not created wills.

For the one-third who have created wills, it might be time to consider if you need to update your estate plans. With time’s passage comes change. And when changes happen, it’s important that your estate plans reflect 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 rose from $675,000 in 2001 to nearly $13 million in 2023.

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.

Charitable causes:

If you have formed connections with certain nonprofits 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 how you can continue to make a difference at Baylor Scott & White and for other personal philanthropic priorities for years to come. For more information, please contact Craig Foster at 214.820.8196 or Craig.Foster@BSWHealth.org.