Noone enjoys thinking about what will happen after they’re gone, but planning ahead is one of the most caring things you can do for the people you love. That’s why August, National Make a Will Month, is the perfect time to create or update your will.
Many people assume that wills are only necessary for the wealthy or those with large estates. In reality, anyone who owns property, has financial accounts, has children or grandchildren, or simply wants a say in how their belongings are distributed can benefit from having a will. Without one, state laws determine how your estate is divided, and the outcome may not reflect your wishes.
Why Having a Will Matters
A will is a legal document that outlines how you want your assets distributed after your death. It can also name the person you’d like to carry out your wishes, known as the executor. Creating a will offers several important benefits:
- You’re in control. You decide who inherits your property, treasured possessions, and family heirlooms.
- You make things easier for loved ones. A clear plan can reduce confusion, disagreements, and unnecessary stress during an already emotional time.
- You can leave a legacy. In addition to what you leave to your family, you can include gifts to causes and organizations that have been meaningful throughout your life.
- You gain peace of mind. Knowing your affairs are in order can be reassuring for both you and your family.
Additional Considerations
Estate planning involves more than who receives your possessions. It’s also an opportunity to review important documents and decisions, including:
- Beneficiary designations on retirement accounts and life insurance policies
- Payable-on-death or transfer-on-death accounts
- Powers of attorney for financial and healthcare decisions
- Advance healthcare directives or living wills
These documents work together to help ensure your wishes are honored.
Getting Started Is Easier Than You Think
It may seem overwhelming at first, but here are some places to start:
- Making a list of your assets, for example, your home, bank accounts, investments, vehicles, jewelry, and other valuables.
- Think about who you would like to inherit these items and who would be the best person to serve as your executor.
Already Have a Will?
If you already have a will, National Make a Will Month is a good reminder to review it. Major life events such as marriage, divorce, the birth of grandchildren, the death of a loved one, or significant financial changes may mean it’s time for an update. Even if nothing has changed, experts generally recommend reviewing your estate plan every few years.
Do You Need an Attorney?
For some people, especially those with straightforward estates, reputable online will-making services might be an affordable option. However, to ensure your will meets legal scrutiny and won’t be challenged, or if you have a blended family, own a business, have significant assets, or have questions about trusts or tax planning, consulting an estate planning or elder law attorney is often the best choice.
A Thoughtful Act of Love
Preparing a will isn’t about dwelling on the future—it’s about caring for the people and causes that matter most today. Taking the time to put your wishes in writing can spare your loved ones difficult decisions and provide clarity when they’ll need it most. This National Make a Will Month, consider setting aside a little time to begin or revisit your estate plan. It’s a meaningful step that can bring confidence, peace of mind, and a lasting gift to those you care about most.
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