August Newsletter: Celebrate National Make-a-Will Month!
Our August newsletter celebrates National Make-a-Will Month, explaining why some people don’t have wills and why they should. We debunk common estate planning misconceptions and discuss the importance of planning today for a lasting legacy. We’ve outlined the key points below, but you can explore these topics in more detail in the newsletter.
August is the Perfect Time to Create Your Will
August is National Make-a-Will Month! If you haven’t created a will yet, you’re not alone—many Americans haven’t. Most people who haven’t made a will attribute it to procrastination. Others point to uncertainty about the process, a belief that they lack sufficient assets, and concerns about the cost of estate planning. However, the earlier you create your will, the better. It’s crucial to seek the help of a trusted estate planning attorney who will ensure your wishes are honored. Without a will, state laws dictate what happens to your assets and children. Different types of wills exist, but a formal will is the most reliable.
Estate Planning Misconceptions
Many Americans lack a will, and misconceptions about estate planning are partly to blame. Contrary to popular belief, estate planning isn’t just for the wealthy or elderly; it benefits everyone. Here are some common myths:
- Myth: Wills Avoid Probate – Wills do go through probate, but they ensure your wishes are followed. Trusts and beneficiary designations can help avoid probate.
- Myth: Wills Aren’t for Tax Planning – Wills can include tax-saving strategies like trusts, helping to minimize estate taxes.
- Myth: Wills are Cheaper than Trusts – While simpler, wills can incur probate costs. Trusts might have higher upfront costs but can save on administration later.
Creating a comprehensive estate plan tailored to your needs is essential.
Plan Today for a Clear and Lasting Legacy
For centuries, individuals have used wills to ensure the distribution of their assets according to their wishes after death. Today, a will allows you to specify who receives your assets, name an executor to handle your estate, and appoint a guardian for minor children and pets. Wills are straightforward and quick to create, making them a reliable option for many. However, wills don’t cover assets with beneficiary designations, jointly owned assets, or decisions for incapacitated individuals. They only take effect upon death and can’t transfer assets during your lifetime.
Consult with our expert estate planning attorneys to create a plan that truly reflects your intentions and safeguards your loved ones. Learn more in the latest newsletter, and contact us today for your complimentary consultation.