AUGUST IS NATIONAL MAKE A WILL MONTH? DO YOU HAVE ONE? WHY YOU SHOULD.
Did you know the month of August is named after the former Roman Emperor Augustus Caesar?
Who knew August had such a worldly origin story.
August brings us National Watermelon Day (Aug. 3), International Cat Day (Aug. 9) and lest we forget, National Lazy Day (Aug. 11).
Though not nearly as high profile as watermelons, cats and Netflix chill, National Make-a-Will- Month is in August too. From where I sit, it’s the most important spotlight for the month.
First, though, let’s dispel the idea that you don’t need one.
Perhaps you think …
I don’t have enough.
Interestingly, four in 10 people* think they don’t have enough assets or wealth to warrant a will. But think of it this way: Do you own a home, a car, stocks or other investment accounts? Prized personal possessions, like art, or precious family heirlooms? Maybe pets you want to be sure go to a certain friend or loved one? Well, then, you need a will. It allows you—not the state where you reside—to make decisions about what happens to your assets, including possessions, when you’re gone.
*Caring.com’s 2024 Wills and Estate Planning Study
Wills are for older, retired people … seniors!
Not quite. In fact, that’s not at all accurate. Anyone over the age of 18 needs a will. Almost all states set the base legal age as 18, which is when a person gains control over their own actions and becomes responsible for the decisions they make.
A few reasons why young adults should have a current will in place:
A will lets family know their wishes if they die, providing clear and concise details that will make it easier on family members.
It provides a loving home for a pet with a trusted friend or relative.
It also avoids probate to save relatives from having to go through the probate process, which could cost them time and money.
A will accounts for special circumstances too, like if they’re a police officer, firefighter or in the military to ensure loved ones will be cared for according their wishes in the unlikely event of their death.
I’ve already made my beneficiary designations. I don’t need a will.
Designated beneficiaries are usually required only for assets such as life insurance, annuities and retirement savings accounts (IRAs, 401Ks, etc.) A will, however, includes all of your assets, including any real estate, family heirlooms or personal collections, like art or other collectors’ items. A will is so much more than distributing assets. It can also include any important instructions you wish to leave to your loved ones.
See a theme here? You really should have a will.
A will is a legal document that puts you in control, letting you decide what happens with your estate and who will handle your affairs (this person is called an executor) after you die. It also gives you a place to leave instructions for your funeral, among other valid reasons.
CONSIDER THIS: Planning your funeral may feel like a morbid exercise but think of it this way: You’re giving your loved ones a precious gift—knowing what to do, to say goodbye according to your wishes during an already stressful and sad time in their lives.
A will that’s up to date is even better. Review your will and update if:
You wrote your will before 2001. A lot has changed since then. For example, the amount you can leave to heirs without paying federal tax rose $13.61 million in 2024.
You had a change in your marital or long-term relationship.
You now have children or grandchildren.
You created your will when you had children who are now grown and financially stable.
You moved to a new state.
You want to increase or decrease the amount left to certain people or add and remove them.
It’s the Most Loving Gift, for Those You Love the Most
Creating a will—and diligently ensuring it’s up to date—is one of the kindest, most loving things you can do for your family. After all, a will is not really for you, it’s for those you love and leave behind who will have to deal with settling your estate.
A SMALL BUT IMPORTANT DETAIL: In some states, you must initial each page of your will. Check your state's law to see if this is required. If you aren’t sure, check with an attorney.
Ensuring your will lives up to your wishes is one of the most rewarding parts of our job. We will work with you to find the appropriate resources to create or update your will and other estate planning needs. To learn more about how we can help, contact us today.
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