It's important that every estate plan be reviewed and possibly revised periodically to reflect changes in your financial, family situation, or new tax laws (such as those passed in December 2010). It may be that you wish to add new beneficiaries, such as the Jon Sims Endowment Fund.
To make a small change, you might only need a codicil (i.e. an amendment) to a will or your revocable trust. To make more major changes, a completely new will may be preferable (in this case, make sure the new will explicitly revokes all prior wills).
Note: you don't necessarily need to change your will or trust in order to benefit JSEF via your estate plan. You can leave a portion of your life insurance or a retirement account just by filling out a new beneficiary form. Savings accounts, CDs, and brokerage accounts can also be designated to benefit JSEF without changing your will or trust. Contact us for more details.
