National Make-A-Will Month is August. Who knew?

Written by Bethany Cross, Estate Planning Attorney, Rinke Noonan and Anna Marie’s Alliance Board Member.

Writing up your will isn’t something that many people get excited to think about. Consequently, many put it off for too long; sometimes until it’s too late. Many clients I speak with say they “just haven’t gotten around to it”. National Make-A-Will Month is the perfect time for you to take care of your estate plans. Doing so serves an essential purpose – to ensure that the people and causes you love most are taken care of after you’re gone.

National Make-A-Will Month is a campaign to raise awareness about the benefits of planning your estate now, while you can still make important decisions about the legacy you want to leave behind. Anybody, at any age, can have a will in place.

Establishing an estate plan is about making sure that your assets provide support for the people you love. It’s about making plans and creating opportunities that will benefit others for many years to come.

If we’ve learned anything in the past year and a half, it’s that life can change quickly. That’s why it’s so important to make plans for the people you love the most. Whether you’ve never made a will, or you need to update an existing one, why not start now?

To get started on your estate plan, consider the following –

Make an inventory of your assets (bank accounts, investments, properties, jewelry, art collections and other personal items).

Make a list of your goals for your estate plan – Who do you want to inherit your assets? Do you want to provide for your children, grandchildren, or a charitable organization? Maybe you want to give to all of the above? Do you want those that inherit to receive a lump sum gift, or distributions over a couple of years? Who is going to administer your estate?

Review your pay on death beneficiaries for your financial accounts, including your life insurance, retirement funds, and investment accounts.

If you wish for part of your estate to benefit the community, bequests to nonprofit, tax-exempt charitable organizations like Anna Marie’s Alliance can relieve heavy estate tax burdens.

Consider leaving assets to a charity or cause you hold most dear. Most legacy donors say they make legacy gifts for one or more of these reasons –

“This is a cause that has been an important part of my life or a particular passion of mine, and I want to make sure it is able to continue its work well beyond my lifetime.”

 

“This charity has helped me or someone close to me at a time when it was most needed. I have a desire to give back and to help others in similar situation.” 

Contact an estate planning attorney or professional financial advisor to help you customize the right plan for you.

If you’ve already drafted a plan, look it over every few years and make any alterations you wish. Our lives are constantly changing, and keeping your will up to date is incredibly important.

Whether you are eighteen or eighty, you should have an estate plan. Every estate plan looks different based on your assets, needs and goals, but the simplest way to ensure the people and organizations you love most are taken care of is to have an estate plan in place.

I encourage you to take the time during Make-A-Will Month to set a plan – either to create your will, or to review your current estate plan. Doing so can prevent costly issues and the dragging out of a process that can become painful. You’ll feel better knowing that your estate is managed, and your loved ones will have the security and plans that they will need.

Want to learn more about planned giving? Visit Anna Marie’s Planned Giving page now.