5 Reasons to Make a Will during August’s

National Make-A-Will Month

Is it really August already? Are you mentally in June, but still working on your to-do list from March? Or maybe making a will has been on your to-do list for the last few years?

Make-A-Will Month is a reminder each August to hopefully motivate busy folks to create an estate plan or crack out their old one, knock the dust off it, and see if it matches with current wishes. For those that don’t have an estate plan, the following are 5 great reasons to take this opportunity to get your affairs in order:

1. Everyone needs an estate plan! – If you are 18 years of age or older, you should have an estate plan. This means not only a will or a trust, but also power of attorney documents. Without power of attorney documents, if something happens and you are unable to make your health care of financial decisions, your loved ones will likely be forced to seek a guardianship for you so they can make your decisions for you. Without a will or trust, your wishes for where your assets go after you are gone may not be followed.

2. Avoiding the State’s Intestacy Law – Without an estate plan the state intestacy laws dictate who receives your assets when you pass away. If your intestate heirs are not who you want to receive your assets, you need to take affirmative action and create an estate plan that memorializes your wishes. Simply telling your family and friends what you want is not legally binding. 

3. Makes it Easier for Family and Gives Peace of Mind – We see families on a regular basis who are caught off guard by a loved ones passing. They don’t know what to do. We also see families who knew the time was near, but for a myriad of reasons didn’t plan. By having an estate plan, you are giving your loved ones a guidebook of your wishes – making it easier and taking away the guess work and strife. Planning ahead can give you the opportunity to explain your choices, allow you to nominate legal guardians for minor children, and even outline who you want to care for your pets.

4. Aids in Inventorying of Assets – Some people know where every penny of theirs is; others, not so much. The estate planning process typically includes reviewing your assets and considering your intent and plan for them when you’re gone. Not only does inventorying assets help you know what you have, but it also helps you to know if you have enough of what you need, say for instance for retirement planning or for long-term care planning. It may also lead you to think about protecting your assets.

5. Provide for Unique Beneficiaries – Many individuals I work with have beneficiaries who they are looking to protect in some way. They might have a child with special needs, a sibling who is already in a care home, a grandchild that has mental health concerns, or a niece or nephew that’s a spendthrift. They may not want someone to inherit from them at all, or they want reassurance that a pet is well provided for. Sometimes charitable giving is a priority or protecting assets from the costs of long-term care is at the forefront. Ultimately, when there are special circumstances, an estate plan is essential.
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What if I already have a will? Is it time to revisit my plan? At Grosskopf & Burch Law Firm, we encourage our clients to review their estate plan at least every 3-5 years or any time they experience a major life change (birth, death, marriage, divorce, major illness or diagnosis). Assets change, relationships change, family and individual circumstances change – life changes! Reviewing your plan allows you to confirm what is in your documents is not only what you wanted when they were initially constructed, but it’s also what you want today.

Taking time to craft an estate plan, or update the one you have, is an act of love. Easing the burdens of administration for your loved ones while giving yourself peace of mind and accomplishing a vital task is a meaningful way to leave a legacy to be remembered. Our team is here to help when you are ready.