Yes! Educators Are No Different
Having a will in place is important, but having an up‑to‑date will is essential. An outdated document can create confusion, unintended consequences, and missed opportunities. Even a well‑crafted but dated will cannot anticipate every change that life brings. Below are a number of reasons it may be time to revisit yours.
What Has Changed Since You Last Wrote Your Will?
As professionals, we recommend at a minimum looking at your will every 5-years, and revisiting with an estate professional if any of the following life events have occurred.
Family changes
Marriage, divorce, death, birth, or adoption can all affect how your estate should be distributed, who should serve as guardian for dependents, and who should act as executor or personal representative.
A move to a new state
Estate laws vary widely. Relocating or purchasing property in another state can affect how your plan functions and how assets are taxed or distributed. For example, the rules differ significantly between common law states and community property states. And those differences can directly impact your will.
Significant increase in your estate’s value
If your assets have grown since your will was drafted, your current document may no longer reflect how you want your estate divided.
Tax law updates
Federal and state tax laws change frequently. An outdated plan may fail to take advantage of strategies that minimize taxes or properly protect your estate.
Supporting a favorite cause
If you’ve developed a connection to an organization such as your school, a college, a university, or local non-profit, you may want to include a charitable gift in your estate plan.
Making personal gifts
You may want to designate jewelry, art, or other meaningful possessions for those who will appreciate them most.
Creating a trust for loved ones
A trust, special needs, family, or otherwise, can protect family members and safeguard assets. A professional trustee can manage funds wisely and ensure beneficiaries receive distributions that support their standard of living.
Naming the executor of your will or personal representative
Choosing the right person matters. Consider the qualifications and responsibilities involved in settling an estate.
Naming a guardian for a child or dependent
Select someone who is willing, capable, and aligned with your values and approach to life. If your children are now over 18, removing guardian language is often appropriate.
Passing on a closely held business
You can outline how your business interest should be managed or transferred, preserving value and ensuring continuity for successors.
Providing for pets
You can name caregivers or establish a trust to ensure your pets receive ongoing care.
Do You Want to Give Back?
If supporting a nonprofit(s) after your lifetime is important to you, your will can make that possible in several ways.
• Give a nonprofit a share of what remains after other obligations are met.
• Leave a specific amount of cash or securities.
• Gift personal or real property and allow the organization to decide whether to keep or sell it.
• Make a contingent bequest. A non-profit will receive certain assets only if a named individual does not survive you. For example, you could provide for your school or XYZ University to receive a gift only if your spouse does not survive you. This type of provision recognizes the need to provide first for family members or loved ones.
• Create a charitable remainder trust. This trust can pay income to your spouse or other loved ones for life, with the remaining principal designated to a non-profit.
• Create a charitable lead trust. This trust pays income to the non-profit for a set number of years (or for another person’s lifetime) with the trust assets eventually distributed to your family.
We Don’t Judge or Suggest
At Clear Skies Planning & Wealth, we don’t judge or recommend where you should give. Our clients’ generosity takes many forms - establishing a family foundation, ensuring lifelong care for a special needs child, providing for a cherished dog, even supporting a tortoise with a 150 year lifespan.
Whatever your wishes and aspirations, we’re here to help you quantify, articulate, and coordinate with your estate attorney so your will reflects your values, priorities, and personality.
So come talk to us. We’d love to help you shape a plan that feels truly your own. Clear Skies Planning & Wealth is honored to champion the financial wellbeing of independent school educators and our wider community of clients.
Click here for our checklist of what to consider when reviewing your estate planning documents.
David Brown was the Chief Financial Officer/Business Administrator at Blanchard Memorial School, Groton School, Alexander Dawson School, Rippowam Cisqua School, and Portsmouth Abbey & School over a 23-year school career. During that time, he advised and/or helped heads and administrators assemble and negotiate benefit packages that would ensure a comfortable life through “end of plan”. For over 10-years Dave has helped his clients effectively plan, save, and invest to and spend appropriately through retirement.
For personalized financial planning and/or investment guidance, contact Clear Skies Planning & Wealth Strategies at www.clearskieswealthplanning.com or directly at 720-833-8611.
Clear Skies Planning & Wealth Strategies, Inc provides advisory services through XY Investment Solutions, LLC, an SEC registered investment advisor. All views included in this communication are subject to change. Please contact Clear Skies Planning & Wealth Strategies to receive a copy of our Form ADV and other disclosure information.