Aug 19, 2024 August is National ‘Make-A-Will’ Month
August is National “Make A Will” month so here are the top 5 reasons to get your Will and other estate planning documents done now.
1. You Decide
- When you create a Will, you get to decide who gets your assets. You can even specifically exclude people from getting assets. If you pass without a Will, your assets transfer based on the established laws of intestate succession in your state. In general, assets would go to spouse, then children, then parents, then your siblings or some combination of these depending on the type of assets you have.
- You also get to decide who controls your assets. Someone must be in charge of distributing your assets so if you create a Will, you get to choose who that is.
- You decide who cares for your children and even pets. If you don’t decide on a guardian for your children, it will be up to a judge to decide who takes on the role of raising them. Pets often get lost in the shuffle and can end up in shelters or being given away to strangers if there is no plan in place for their care.
2. Peace of Mind
- Once you get your estate planning documents done, you often realize the peace of mind knowing things are set up is worth the time and money you put into it. Your family doesn’t have to wonder what happens when you pass. They can follow the plan you put in place.
3. Faster and Smoother
- If you don’t have a Will, someone will have to ask the court to oversee your estate when you pass. You will most likely have to go through probate with or without a Will, but having the Will streamlines the process.
- There tends to be less disputes among your heirs since you have it laid out. This makes the distribution process go smoother.
4. Funeral Instructions
- You can tell your loved ones what type of services and burial/cremation you want to prevent any arguing over how to honor your memory.
5. Help While You’re Alive
- A Power of Attorney document names someone who can make decisions and/or take action for you, either medical or financial, if you are incapacitated. It is no longer effective when you pass away.
- A Healthcare directive, sometimes called a Living Will, tells your family what end-of-life care you want.
We recommend using an estate planning attorney to make sure everything is laid out exactly how you intend. We are happy to help you get the framework laid out for you so you can go meet the attorney with a plan already in mind. Schedule a meeting with your advisor if you have any questions or want to talk about creating or updating your estate documents.
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