Your will, therefore, is a matter of practical business and not something reserved for the wealthy or to be postponed until old age. And, as a matter of practical business, you should review your will periodically, revising it to reflect changed marital status, deaths, additions to the family, changes in the size of your estate, and so on. Use of a Codicil A codicil is an addition to an existing will explaining, adding to, or subtracting from it. This requires a lawyer's help and the same formality and execution as a will. What May Be Given Bequests to the RIC Foundation may consist of specific property, real or personal, as well as money.
Real property is land and anything that is attached to it.
Personal property includes everything else-securities, insurance policies, books, antiques, jewelry, etc. If securities are given, appropriate wording should be used in the will to safeguard your intentions. Otherwise, during the period of time between your death and your will's execution, such events as stock dividends, stock splits, or mergers may reduce the amount of the gift you intended. The Rhode Island College Foundation welcomes gifts of real estate, wherever they are located, if the Foundation is not required to keep the property. Bequests and Estate Taxes Bequests to the RIC Foundation will reduce the federal estate tax and, in most cases, state taxes on your estate.