August is National Make-A-Will Month. Do you still need to make your will? Whether you’ve been too busy or simply don’t know how, here are the top ten reasons to make a will.
1. Save your loved ones time, money, and stress.
Most estates go through probate to start the legal process for distributing assets upon your death. Without a will, this gets complicated because the court names an administrator. With a will, you choose who will handle your estate, making it easier and smoother for your loved ones.
2. Determine who will manage your estate.
Choose an executor who is capable and trustworthy to carry out your wishes.
3. Decide who gets your assets and property.
Name people or charitable organizations as beneficiaries for specific assets or any residual value of your estate.
4. Choose who will care for your minor children.
This is one of the most important reasons to have a will. Typically, a surviving parent will get sole legal custody of minor children. However, you can name a guardian who will be responsible for your children’s daily needs, including food, housing, health care, education, and clothing.
5. Provide a home or plan for your pets.
Name a beneficiary or caretaker for your pets and set aside funds to provide for their care.
6. Leave instructions for digital assets.
An executor can be named to manage digital assets such as online accounts, social media, email, and digital files.
7. Lower the potential for family disputes.
If you pass away without a will, your family has to guess what your final wishes were. Chances are, they may not agree. This ambiguity can create friction, and even fights, which sometimes last a lifetime. Making a will solves this problem by eliminating guesswork.
8. Provide funeral instructions.
Instructions about funeral arrangements are not legally binding, but they offer guidance and peace of mind for those who are left behind.
9. Create a legacy.
Leave a positive impact on the world! Support the causes you love most by leaving a small or substantial part of your estate to a charitable organization. This can also offer tax savings for your heirs.
10. It’s easy to make a will!
A last will and testament contain instructions on how your property should be distributed after your lifetime. Spelling out exactly how you would like your estate handled provides peace of mind for you and your loved ones.
TALK TO US. We’re ready to assist you. Call (502) 371-9939 or email email@example.com.
MEET WITH A TRUSTED ADVISER.
A trusted legal adviser can guide you through the process of drawing up a will and present tax-smart options for your estate.
CONSIDER A BEQUEST FOR HEUSER HEARING AND/OR LOUISVILLE DEAF ORAL SCHOOL FOUNDATION. Do you want to create a legacy for hearing healthcare and early intervention? We are eager to share information about our programs and plans for the future. View sample bequest language for your will here.
Are you ready to plan your will? We would like to give you a FREE Estate Planning Guide to get you started.
Please get in touch with Shannon Kisselbaugh, Director of Philanthropy, at firstname.lastname@example.org or (502) 371-9939. As always, consult your financial advisor for information specific to your situation as this information is not intended as tax, legal or financial advice.