Review Your Estate Plans
As the new year gets underway, take the time and necessary steps to update your estate plans so they reflect any life changes you experienced within the past couple of years. Use the following checklist to see if you are prepared for anything unexpected that could come up in the future and for the management and distribution of your assets.
- Review your will, checking for any changes that may need to be made because of a change in your life or that of a beneficiary’s, tax law changes, or because you want to add a gift to Memorial Sloan Kettering Cancer Center (MSK) in your plans.
- Check that the executor you’ve named is still the qualified individual you want to manage your estate, resolve claims, minimize taxes, and distribute the designated portions of your estate to your chosen beneficiaries.
- Be sure you are comfortable with the guardian named in your will for those under your care. If your dependents were minor children that are grown now, does a guardian still need to be listed?
- Update beneficiaries designated for your insurance policies and retirement plans to make sure you haven’t named a loved one that is now deceased or former spouse. Name backup beneficiaries, too. Consider naming MSK as a beneficiary of your insurance policies or retirement plans if you have not already done so.
- Make sure the titles for your assets reflect your current circumstances and wishes, so they go to the people and organizations you intend.
- Implement plans that minimize federal estate taxes. One possible solution is to leave a charitable gift to MSK.
- Include in your estate plans a health care power of attorney to guide your family and health care providers when you are unable to make decisions for yourself.
Please contact the Office of Planned Giving at 800-688-1827 or firstname.lastname@example.org if you would like to extend your support for MSK. We would be happy to help you design a gift that fits your goals. If you have already included MSK in your long-range plans, please let us know.