August is Make-A-Will Month | Information From Our Advisors

August marks National Make-A-Will Month, an annual observance aimed at raising awareness about the importance of creating and updating your will. Even though having a will is critical for protecting loved ones and ensuring your wishes are honored, studies show that the majority of Americans still don't have one. Keep reading to find out everything you need to know about creating a will and why it is important.

What Is a Will?

A will (or last will and testament) is a legally binding document in which you specify how you want your assets distributed after your death. It can also designate guardians for minor children and express your wishes for charitable giving or special bequests. Although state laws differ, a valid will typically needs to be written, signed, and witnessed by at least two people who don’t stand to inherit.

Do You Need a Will?

Having a will matters for almost everyone, regardless of age or wealth. It provides clear instructions for passing on your belongings and helps avoid disputes among family members. A will  lets you name guardians for children under 18 and helps assist you to leave a legacy for causes you care about.

Without a will, state laws (intestate succession) dictate how your assets are divided, which might not align with your wishes or the needs of your family.

Wills vs. Trusts: What's the Difference?

Estate plans may include wills, trusts, or both. Here’s how they compare:

Wills: Best for simple estate planning, naming guardians for minors, and designating who gets what after you pass. Subject to probate (a court-supervised process), which can be lengthy and public.
Revocable Trusts: Avoid probate, provide privacy, and allow you to manage or transfer assets if you become incapacitated. Still count as your property for taxes while alive and can be changed at any time.
Irrevocable Trusts: Once created, changes are very difficult. Assets are removed from your estate, offering better protection from taxes and creditors.

How to Create a Will

Making a will is simpler than many expect:

1. Decide How to Create It

   • Use a lawyer (recommended for complex estates).

   • Try an online will service for basic situations.

   • Write your own, but be sure to follow your state’s legal requirements.

2. Make a List of Your Assets

   • Include property, accounts, personal items, and even pets.

   • Determine who you want to inherit each asset.

3. Choose an Executor

   • This is the person who will carry out your wishes and manage your estate.

   • Can be a trusted person or a professional.

4. Name Guardians for Minors

   • If you have underage children, state who will care for them.

5. Sign and Witness

   • Most states require at least two witnesses (not named in the will) during the signing.

   • Notarization is rarely required but may help prevent challenges.

6. Store It Safely

   • Keep your original will in a safe, accessible place—and tell someone you trust where it is.

7. Update Regularly

   • Review your will after major life changes, such as marriage, divorce, the birth of a child, or significant financial changes.

Take Control of Your Legacy

National Make-A-Will Month is the perfect time to create or update your will, providing peace of mind for yourself and your loved ones. Check this crucial task off your list, and ensure that your wishes are legally protected and clearly communicated.

If you have questions about estate planning, consider talking with one of our advisors today. 

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Other helpful articles 

https://www.bankrate.com/retirement/revocable-trust-vs-will-estate-planning-coronavirus/#main-differences
https://smartasset.com/estate-planning/irrevocable-trust-vs-will