August 6, 2024

Did you know August is National Make a Will Month?  I didn’t, but I find it fascinating that we have an entire month dedicated to making wills.  When my husband and I married almost 20 years ago, one of the first things we did was make a will.  Neither one of us really understood the importance of that specific legal document, but we enacted one because it was what “responsible” adults do.

A few significant events happened that made us both realize the necessity of having a will in place.  First, we happen to live in a large retirement community, and many of our friends are retirees.  We have walked with many of them, and their families, through end of life journeys.  We have witnessed the aftermath of many deaths.  I can say, without hesitation, the situations where wills had been made were much smoother and more amicable than those situations without wills. 

Secondly, our family grew to include 3 children.  We wanted to make sure that our wishes for them, in the event that something happened to us, were documented.  We were able to dictate how life insurance policies would be utilized, who would be given the responsibility of caring for our children, and how our other assets were to be used.

Lastly, we experienced the deaths of our own grandparents.  We walked alongside our parents as they managed the final wishes of their parents.  We saw the benefits of having a will in place first hand.

Today, I want to discuss some will basics for those that may be unsure of what a will is, why you should have one, and how to create one.

WHAT IS A WILL?

Simply, a will, or a Last Will and Testament, is a legal document that outlines your intentions for the distribution of your property, your assets, and the care of your dependents after your death.

THE IMPORTANCE OF HAVING A WILL

Many think that a will is only necessary for the extremely wealthy, but the truth is, everyone should have a will.  It benefits you and your survivors in many ways.  You can be clear about who does and who does not get your assets by clearly stating who gets what and how much.  You can choose who should care for your dependents.  Without a will, the courts will decide.  The will also gives your heirs faster and simpler access to your assets.  Finally, having a will in place can help prevent family conflict and give peace of mind to you and your loved ones.

Failing to prepare a will leaves the decisions about your property, assets, and care of dependents in the hands of judges or state officials.  Not having a will also places extra financial burden on your survivors.  They will incur time delays and extra costs because your assets will have to go through a potentially lengthy probate, and your entire estate could be subject to an extra 1.5% in taxes.

WHAT DOES IT COST TO MAKE A WILL?

According to a quick web search, you can make a DIY will for as little as $10.  However, it is recommended to use a lawyer because they can guide you through the process, making sure everything is laid out according to the law.  It is important to note that each state has different requirements for creating a will and making it official.

As you contemplate creating a will, I hope this brief overview helps clarify the need of this important document.  Throughout August we will be sharing more information on other important end-of-life documents.  So be sure to stay tuned!