Everyone needs a will, yet only about half of Americans have one. Understandably, there are many reasons we put off creating this important document — it may seem too logistically complex or upsetting to think about. Yet regardless of your current situation, having a will offers numerous benefits, including peace of mind that you are prepared and aware of the positive impact a will can have on you and your family’s lives. So, in honor of National Make-A-Will Month, here are some compelling reasons to create (or update) your will now:
1. A will provides peace of mind for your loved ones
Your loved ones are greatly impacted by whether or not you have a will. When you create a will, the guidance you provide — clear direction on your wishes, from funeral arrangements to how you want your assets to be divided up — reduces the burden for the people you care about most. Clarity on logistics and decisions can be a comfort for loved ones during what will be an already difficult time for them as they are grieving for you.
2. A will ensures your wishes are met
Many assume that family and friends know their wishes, but legal documentation is essential for these wishes to be legally enforced. State laws dictate the distribution of assets if you die without a will, which may not align with your desires. A will lets you specify how you want your estate distributed, including provisions for non-family members or specific charitable contributions. Remember to consider all areas of your life when creating your will. Important areas include but are not limited to the following:
- Guardianship, both short-term and long-term for children, and the financial means to help support them.
- Unfortunately, you cannot leave money or property to your pets, but you can give the funds for their care to a person in your will. Naming a caregiver for your pets in your will would help ensure that they do not go to a shelter when you pass away.
- How do you want physical property distributed, from homes to jewelry and everything in between? It can be left to loved ones, donated to a charity, thrown away, or any combination.
- Your personal care, if you cannot take care of yourself, ranges from a living will to a healthcare proxy to a power of attorney.
- Potential impact of both federal and state taxes on your estate. Your attorney will be able to help you consider each of your assets, what will pass outside of your will, and the tax benefits and consequences of your estate plan. You might be able to reduce the size of your estate, and your plan could include making gifts to charities. With careful planning, you could reduce taxes, meaning that more of your estate goes to the people who are important to you and the causes you care about.
3. A will helps create your legacy
A will provides an opportunity to support causes you care about, such as charitable organizations, ensuring your impact continues beyond your lifetime. Through your will, you have the opportunity to make your last and greatest gift to a non-profit organization like the National Brain Tumor Society through The Legacy Society for a Cure. Your foresight during your lifetime will help enable critical mission work to continue and drive the breakthroughs ahead.
4. A will provides important legal documentation and protections
Even if state laws align with your wishes, having a will in place simplifies estate distribution, avoiding potentially lengthy and contentious probate proceedings. If you die without a will, you leave your estate to be sorted out in probate court. Not only can this court process be time-consuming and expensive for the people you care about, but it can also lead to disputes between family members. Having a will in place helps to ensure that your estate is distributed exactly how you want it to be without a difficult and drawn-out court process.
5. A will provides peace of mind for you
Creating a will offers peace of mind, knowing you have a plan for your loved ones and assets. It’s a proactive step ensuring your wishes are respected, regardless of age or financial status.
How to Create or Update Your Will
Creating a will is easier than ever before, with two primary methods: traditional and do-it-yourself.
- Traditional Method: Seek an estate planning attorney through directories like those provided by the American College of Trust and Estate Counsel. Consult with several attorneys to find the right fit for your needs.
- Do-It-Yourself Method: Online tools such as LifeLegacy.io, TrustandWill.com, or FreeWill.com offer convenient options. If choosing this route, ensure you understand your state’s requirements for a valid will.
Regardless of your choice, we encourage you to explore all options to find what works best for you and your family.
The above blog was provided by The Legacy Society for a Cure, the premier planned-giving society of the National Brain Tumor Society. To learn more about this giving society, please visit BrainTumor.org/legacysociety.
Disclaimer: National Brain Tumor Society does not provide legal, tax, or financial advice. We strongly recommend that you consult professional advisors on all legal, tax, or financial matters, including estate planning considerations. This communication (including any attachments) is not intended or written to be used and cannot be used for the purpose of avoiding tax-related penalties. All estate planning tools and companies listed above are for awareness purposes only and not endorsed exclusively by the National Brain Tumor Society. Individuals should conduct their own due diligence before retaining a company or attorney/estate planner.
