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National Make-A-Will Month: The Perfect Time to Create or Update Your Estate Plan

Posted August 2024

Each August is designated as National Make-A-Will Month. The objective of designating a month for this purpose is to prompt individuals to create or update their estate plans. The centerpiece of an estate plan is a will, but fewer than 50% of all adult Americans have one.

Three Primary Reasons You Need a Will

First, your estate is likely worth more than you realize. Once most people tally their assets, they often discover that their estate is larger than they believed. And even if it is modest, they will want to determine who receives various items.

Second, many assets can be distributed only according to the terms of a will. It is true that some assets will pass to loved ones in other ways: to the joint tenant when property is owned in joint tenancy with right of survivorship; to a named beneficiary of life insurance, a retirement account, or a bank account; or to the income or remainder beneficiary of a trust. A well-conceived estate plan will consider and coordinate all of the ways your assets will be distributed.

A third main reason is to prevent possible delays due to procrastination. Reflecting on decisions about how much and which assets to give to loved ones can be difficult, and there may also be concerns about the cost. However, developing an estate plan leads to peace of mind, and the costs of developing the plan may, in the long run, save taxes and estate settlement costs.

Agenda for Creating or Updating an Estate Plan

If you do not have a complete estate plan including a will, now is the perfect time to begin the process. If you already have a will, you might set aside some time this month to review it and other estate-planning documents. In either case, pay particular attention to the following:

Have you made a list of the people and organizations you want to benefit by bequest? Have there been changes in your family circumstances and wealth necessitating changes in bequest provisions?
Have you completed beneficiary-designation forms for your life insurance, retirement funds, and bank accounts? If so, do they still reflect your current wishes?
Are you up to date on how tax law could affect an estate plan? Have there been changes in tax law that you should take into consideration?
Have you considered a possible legacy gift to a charitable organization such as ours via a bequest provision or beneficiary designation?
Have you named a personal administrator of your estate? If so, is that person still capable of serving?
Have you designated any powers of attorney? If so, is it time to make changes to them or other legal documents you have executed?
Have you left sufficient information regarding the location of documents and access to them?

If you have not yet created an estate plan including a will, resolve to get started this month. Begin with a list of information that will be needed by the attorney whom you engage. This includes all your assets, family members and relationships, and the persons and charities whom you would like to benefit from your estate. Having such information readily available will expedite your attorney’s work.

Why Was August Designated as National Make-A-Will Month?

Perhaps because people often update their will in advance of a long trip, and August is a prime time for vacation travel. Perhaps because August is the time when people relax and reflect on personal matters before plunging into a hectic fall schedule. In any case, consider allocating time this month for creating or updating your estate plan. We would be pleased to be a resource for you.

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National Make-A-Will Month: The Perfect Time to Create or Update Your Estate Plan

Posted August 2024

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