Cross Estate Planning Off Your To-Do List
A new year will offer a fresh start on your personal goals and resolutions. It’s also the perfect time to take stock of where you’re at in your estate planning.
When surveying your plan, make sure you review the following:
- Wills and trusts. Review your will or trust for any life change such as a birth, death, marriage or a move to a different state.
- Beneficiary designations. Remove any beneficiary on your life insurance or retirement plans who is deceased or is a former spouse, and consider adding a charitable organization like UC Santa Barbara.
- Durable power of attorney. Make sure your durable powers of attorney for financial matters and health care are current. A copy of the financial power of attorney should be given to your family members, while a copy of your health care power of attorney should be provided to both family members and health care providers.
- Safe-deposit box. Catalog the contents of your safe-deposit box. Give a written copy to a trusted family member and note any items you are holding for someone else.
- Bank or brokerage accounts. Name designated heirs or UCSB as recipients of bank or brokerage account proceeds at your death.*
- Charitable contributions. If you’ve included a gift to UCSB in your estate plan, review the details of your gift and let us—and your loved ones—know of your intentions. This will guarantee that your wishes are carried out after your lifetime.
*State laws govern payable-on-death accounts and transfer-on-death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
If you have questions about your estate plan or how you can support UC Santa Barbara with a tax-wise gift this year or through your estate, please contact Ilana Ormond at 805-893-5556 or firstname.lastname@example.org. We are happy to help.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.