1. Marriage or Divorce – Getting married or divorced significantly changes your legal obligations. In some jurisdictions, a marriage can revoke a previously instated will while divorce could affect asset allocation and executorship.
2. Birth or Adoption – When there is an addition to the family, updating your will to include things such as guardianship and inheritance ensures that your intentions and desires are fulfilled.
3. Death of a Beneficiary or Executor – If someone who is named in your will passes away, they will need to be removed and/or replaced with someone else.
4. Major Changes in Financial Situation – In the event of gaining an inheritance, the sale of a business, or unexpected bankruptcy, adjustments need to be made to establish how your assets will be distributed.
5. Relocation to a New State or Country – There are laws in place regarding wills that vary by jurisdiction. If you move, it is essential to ensure that your will complies with local laws.
6. Change in Beneficiary – As relationships evolve, you may want to add new beneficiaries or remove others.
7. Changes in Tax Law – Tax legislation can impact your estate. Regular reviewing of your will in light of new laws can help minimize estate taxes.
8. Adding or Updating Charitable Donations – If any portion of your estate is left to charity, this needs to be reviewed and updated to reflect your desired contributions.
9. Purchase or Sale of Property – Real estate holdings are a major part of many estates. Your will should be updated accordingly, in the event of the purchase or sale of property.
10. Decline in Health – A serious diagnosis can prompt the need for broader estate planning, which includes wills, trusts and medical directives.
11. Creating a Trust – A trust can provide more control over how assets are managed and distributed. Wills need to be updated in tandem with the creation of a trust.
12. Periodic Review (every 3-5 years) – Even if nothing dramatic has changed, it is wise to review your will regularly to make sure it still aligns with your intentions.
13. Making a Contingent Bequest – Beneficiaries in your will receive certain assets only if a named individual does not survive you.
14. Give Jewish Federation of Palm Beach County a Share – This can be in the form of a percentage of what remains in your estate after obligations are met. It also could be cash or appreciated securities, or personal and real property that Federation can keep or sell.

How to Create Your Will*:

Step 1: Take Inventory of Your Assets – real estate, bank accounts, vehicles, personal items.

Step 2: Choose Your Beneficiaries – decide who will receive your assets and what each person will get.

Step 3: Select an Executor – your executor ensures that the terms of your will are followed.  

Step 4: Name a Guardian for Minor Children – if you have children under the age of 18, appoint a guardian who will raise them if something happens to you.

Step 5: Consider a Back Up Plan – always name alternate executors, guardians, and beneficiaries in case your first choice is unable to serve.

Step 6: Write the Will -hire an estate planning attorney or purchase will-writing software or online service.

Step 7: Witness and Notarize – most jurisdictions require at least two adult witnesses who are not beneficiaries as well as notarization.

Step 8: Store it Safely – store the original in a secure location, like a safe or with your attorney—ensure your executor knows where to find it.

Step 9: Review Regularly – update your will after any major life changes as soon as possible or at least every 3-5 years.

 Creating a charitable legacy gift to Jewish Federation of Palm Beach County (EIN: 59-0948696) is as simple as adding a single sentence in your will or living trust. Consider this example to discuss with your attorney: “I give to Jewish Federation of Palm Beach County. Inc., 1 Harvard Circle, Suite 100, West Palm Beach, FL 33409, the sum of $_______ of the rest, residue and remainder of my estate or trust, for its general purposes.”

Your will is not just a legal formality, it’s a vital tool for expressing your values, protecting your family, and securing your legacy. Life changes, and so should your estate plan. Keeping your will up to date gives you peace of mind and spares your loved ones from unnecessary stress.

We want to work alongside you in creating a gift that best fits your circumstances and our needs. To learn more about including Jewish Federation of Palm Beach County in your plans, please contact us today at:

William A. Meyer Jewish Community Foundation

Phone: 561.242.6639

Email: meyerjcf@jewishpalmbeach.org

*Please consult a licensed estate planning professional to ensure compliance with applicable state laws.