August is Make-A-Will Month: Why Now Is the Time to Secure Your Family's Future
As the lazy days of summer unfold, August brings with it a unique opportunity to take care of a vital piece of your financial and personal planning: Make-A-Will Month. While it might not sound as exciting as a beach vacation, dedicating time to create or update your will is one of the most thoughtful and responsible actions you can take for yourself and your loved ones.
Many people put off creating a will, often thinking it's something only for the wealthy, the elderly, or those facing immediate health concerns. But the truth is, a will is a fundamental document for almost everyone, regardless of age, income, or family situation. It's not about planning for your demise; it's about planning for your family's future and ensuring your wishes are honored.
What Happens Without a Will?
If you die without a valid will, you're considered to have died "intestate." In this scenario, state laws dictate how your assets are distributed, who cares for your minor children, and who manages your estate. This can lead to:
Your assets not going where you intended: State laws might distribute your property in a way that doesn't align with your wishes. For example, a beloved family heirloom could go to a distant relative instead of a close friend or partner.
Family disputes and added stress: Without clear instructions, your loved ones might face disagreements over your estate, adding emotional strain to an already difficult time.
Delays and increased costs: The probate process (the legal process of validating a will and distributing assets) can be longer and more expensive without a will, tying up your assets and potentially reducing their value for your heirs.
No say in guardianship for minor children: Perhaps one of the most critical reasons for parents, a will allows you to name a guardian for your minor children. Without one, a court will decide, and their choice might not be who you would have picked.
No provisions for special needs family members: If you have a child or loved one with special needs, a will is crucial for establishing a special needs trust, which can provide for their care without jeopardizing their eligibility for government benefits.
What Can a Will Do for You?
A well-crafted will provides clarity and control, allowing you to:
Specify how your assets will be distributed: You decide who gets what, from real estate to sentimental items.
Name a guardian for your minor children: This ensures they are cared for by someone you trust and who shares your values.
Appoint an executor: This is the person who will manage your estate and ensure your wishes are carried out.
Create trusts: You can establish trusts for specific purposes, such as providing for a child's education, supporting a loved one with special needs, or making charitable donations.
Minimize estate taxes and probate costs: Proper planning can help reduce the financial burden on your heirs.
Provide peace of mind: Knowing you've taken steps to protect your loved ones and your legacy offers invaluable peace of mind.
Make-A-Will Month: Your Call to Action
August is the perfect reminder to address this essential task. Whether you're creating a will for the first time or need to update an existing one due to life changes (marriage, divorce, new children, buying property, etc.), take advantage of this dedicated month.
While there are online resources available, consulting with an estate planning attorney is highly recommended. They can help you understand your options, navigate complex legal requirements, and ensure your will accurately reflects your wishes and adheres to state laws.
Don't leave your family's future to chance. This August, take the vital step to create or update your will. It's a gift of security and clarity that your loved ones will appreciate for generations to come.
