August is “Make a Will Month”: Here’s Why You Shouldn’t Wait
August is recognized as Make a Will Month, a timely reminder of something many of us tend to put off—creating a will. Whether you’re young or old, single or married, have a modest estate or significant assets, having an estate plan in place is a critical step in protecting your loved ones and your legacy.
Why Having a Will Matters
- You decide what happens to your assets.
Without a will, your estate is distributed according to your state’s intestacy laws. This may not reflect your wishes and could result in unintended consequences, such as estranged relatives inheriting your estate or minor children receiving assets without proper structures in place.
- You can name a guardian for your minor children.
A will allows you to nominate a trusted person to care for your children if something happens to you. Without this, the decision falls to the courts, which can be stressful and unpredictable.
- You minimize potential conflicts.
Estate planning provides clarity and direction, which can reduce confusion and disputes among surviving family members. Without a plan, disagreements can escalate, sometimes leading to costly and emotional legal battles.
- You can plan for special circumstances.
Whether you have a blended family, a child with special needs, or specific charitable wishes, an estate plan ensures your unique circumstances are addressed clearly and legally.
- You maintain control over the process.
By preparing an estate plan, you get to choose your trusted fiduciaries—the people who will manage your estate after you pass. This gives you peace of mind knowing a trusted individual will carry out your wishes.
Already have a will?
Make a Will Month is also a great time to review and update it. Major life changes like marriage, divorce, births, or changes in assets can all affect your estate plan.