It’s Make-A-Will Month. Here Are 8 Reasons Why You Need One
August is Make-A-Will Month. And guess what! If you don’t own a home, have kids, or have a lot of money - you still need a will. That’s right. One of the biggest misconceptions about estate planning is people don't think they have enough assets. In fact 40% of Americans believe they simply don’t make enough money to justify creating one.
Not only are you probably underestimating the value of what you own, but a will is about a lot more than money in the bank. Think about it, some of your most prized possessions aren’t even worth anything financially. Think about it: some of your most prized possessions may not be worth much financially, but they can carry enormous sentimental value. Your family also deserves clear guidance about your wishes. For example, who should receive the family heirlooms you’ve held onto for years, or take care of your pet if something happens to you? There are many reasons why you need a will, so let’s get into them.
1. You have more possessions than you think
When you hear the word “estate,” you might picture a house, investment portfolio, or substantial savings account. But your estate is made up of the things you own—and you may be surprised by how much that includes.
Your car, laptop, phone, television, furniture, jewelry, artwork, instruments, collectibles, and other belongings all have to go somewhere. Even if you don’t consider yourself wealthy, chances are you own things with real value, both monetary and emotionally.
There are also the things that may be less visible but are still important to account for, including financial accounts, important documents, digital accounts and devices, and other information you may keep organized in your Digital Vault.
A will gives you a say in what happens to them.
2. The most valuable possessions aren't always about money
Then there are the things that might be practically worthless to anyone else but priceless to you.
Maybe it’s your grandmother’s necklace, a box of old photographs, a collection you’ve spent years building, handwritten letters, a family recipe book, or even every birthday card you’ve refused to throw away.
These are often the possessions with the stories attached to them—and the ones you may have the strongest feelings about passing on.
Making a will allows you to think beyond what this is worth and consider who you would want to have this.
3. Letting your family know your wishes is one of the greatest gifts you can give them
When someone dies, the people they leave behind have to handle so many costly logistical decisions.
Telling your family, “You know what I would want,” may feel sufficient now. But memories differ, assumptions get made, and disagreements can happen—especially during an emotional time.
Putting your wishes in writing gives the people you love something they desperately need in that moment: clarity. Instead of asking themselves what you would have wanted, they can focus on carrying out the decisions you've already made.
4. If you have children, you'll want to name a guardian
You might have named a godparent or told your sister that you’d want her to raise your children. Maybe your parents know the plan, or perhaps everyone in your family agrees about who would step in during an emergency.
But an informal conversation is not the same as legally documenting your wishes.
If a child loses both parents, a court ultimately determines who will serve as their legal guardian, based on the child's best interests. Naming your preferred guardian in your will gives the court formal evidence of the person you chose and is an important part of planning for your children's care.
It may be one of the most consequential decisions you make in your will.
Learn more about picking the right guardian here.
5. Someone has to handle everything you leave behind
Think about everything involved in wrapping up the life of a loved one: locating accounts, managing property, paying outstanding bills and debts, handling paperwork, communicating with beneficiaries, and ultimately distributing assets.
This person is know as the excecutor, the one responsible for administering your estate and carrying out the instructions in your will.
Choosing that individual yourself means you can nominate someone you trust to take on the responsibility—and talk to them about it ahead of time.
6. Life changes—and your plans should be able to change with it
The person you would have trusted with everything five years ago may not be the same person you would choose today.
People get married and divorced. Children are born. Friendships change. Families grow. People buy homes, start businesses, inherit money, move across the country, and develop completely new priorities.
Creating a will doesn't mean deciding what you want today and being stuck with it forever. Your estate plan can—and should—evolve as your life does.
Make-A-Will Month can be just as useful a reminder to review an existing will as it is to create your first one.
Learn more about when to update your estate plan here.
7. Your pet might be able to meow or bark, but they can't share your wishes
You know exactly who your dog adores, who your cat refuses to tolerate, and who you would trust to care for them if you couldn't.
They do too… but unfortunately, they can't bark-meow-explain any of that.
Estate planning gives you an opportunity to plan for what happens to the animals who depend on you. That can include identifying the person you would want to care for them and making appropriate financial arrangements for their future care.
Because “my best friend will take care of them” isn't much of a plan.
8. Because if you don't, you won’t get the final say
This might be the simplest reason to make a will.
When someone dies without a valid will, state intestacy laws generally determine who inherits their probate property, which means the people who receive your belongings may not necessarily be the people you would have chosen.
The law doesn't know about the friend who has effectively become family, the relative you no longer have a relationship with, the person you promised your record collection to, or the sibling who would treasure your grandmother's necklace. Those are personal decisions that only you can make.
Making a will isn't about expecting the worst. It's about making decisions while they're still yours to make.
Make this the month you make a will
A will isn’t only about dividing up a large estate. It’s a chance to decide what happens to the things—and people—that matter to you, from your car and savings to family heirlooms, sentimental keepsakes, and the person you trust to carry out your wishes. You probably have more to plan for than you think.
Since it’s Make-A-Will month, it’s a perfect opportunity to finally complete the task you might have been putting off.
That doesn't mean you have to spend August contemplating your mortality. Think of it as an opportunity to take inventory of the life you've already built: the people you love, the things you've accumulated, the responsibilities you've taken on, and the wishes you want respected.
Whether you have a house and three children or an apartment, a cat, and a collection of birthday cards you can't bring yourself to throw away, you have a life worth planning for.
With GoodTrust, you can create your will online and document the decisions that matter to you, so the people you love aren't left to make them for you. The month’s already underway so get started today, here.