As life gets busy, planning for your future can easily fall to the bottom of your to-do list. However, one of the most critical steps you can take to protect your loved ones and ensure that your wishes are honored is creating a will. With August recognized as Make a Will Month, now is the perfect time to prioritize this essential task.

The Importance of Having a Will: By the Numbers

A will is more than just a legal document—it’s a safeguard for your family and your assets. Despite its importance, many Americans do not have a will in place. Consider the following data:

– Over Half of Americans Lack a Will: According to a 2023 survey by Caring.com, 60% of American adults do not have a will or any type of estate planning document. This means that a majority of people are leaving the distribution of their assets up to state laws, which may not reflect their personal wishes .

– Age Plays a Significant Role: The same survey found that while 78% of those aged 65 and older have a will, only 25% of millennials (aged 18-34) have one. This suggests that many young adults, who may have children or significant assets, are not adequately preparing for the future.

– COVID-19’s Impact: The pandemic has heightened awareness of the need for estate planning, with 35% of people who created or updated their will in 2020 citing COVID-19 as a motivator. However, too many still haven’t taken the necessary steps to protect their loved ones.

Why You Need a Will

Given the statistics, it’s clear that many individuals are at risk of having their assets distributed in a way that may not align with their wishes. Here’s why having a will in place is crucial:

1. Protect Your Loved Ones: A will ensures that your assets go to the people and causes you care about most. Whether it’s providing for your children, supporting your spouse, or leaving a legacy to a charitable organization, your will allows you to make these decisions. Without a will, state probate court will determine how your assets are divided, which could result in unintended consequences and legal fees for loved ones.
2. Avoid Family Disputes: Without clear instructions, your loved ones might disagree on how to distribute your estate, leading to conflicts that can strain relationships. In fact, a study by The Harris Poll found that about half of Americans know a family that has experienced conflict over estate matters .
3. Minimize Taxes and Legal Fees: A well-drafted will can help reduce the tax burden on your estate and minimize legal fees. This ensures that more of your assets go directly to your beneficiaries rather than being depleted by costs, such as those incurred during the probate process, that could have been avoided with proper planning.
4. Provide for Minor Children: If you have minor children, a will allows you to name a guardian to care for them if something happens to you. Without a will, the court will decide who will raise your children, which may not align with your preferences.

Overcoming Common Excuses for Not Having a Will

Despite the clear benefits, many people delay creating a will. Common excuses include the belief that they don’t have enough assets, that they’re too young, or that they’ll get to it later. However, life is unpredictable, and delaying could leave your loved ones unprotected.

– “I Don’t Have Enough Assets”: Even if you don’t own a home or have significant savings, you still have possessions that should be distributed according to your wishes. Personal items, digital assets, and sentimental belongings all need to be accounted for.

– “I’m Too Young”: Estate planning isn’t just for the elderly. If you have children, a spouse, or any assets, you need a will, regardless of your age. Tragedies can happen unexpectedly, and having a plan in place is essential.

– “I’ll Get to It Later”: Procrastination is common, but the reality is that none of us know what the future holds. Creating a will is a straightforward process that can save your loved ones from significant stress and expense in the future.

How to Get Started

If you don’t have a will, or if it’s been years since you updated it, ‘Make a Will’ Month is the perfect time to take action. Here’s how to get started:

1. Take Inventory of Your Assets: List all of your assets, including property, savings, investments, and personal items. This will help you understand what needs to be included in your will.
2. Decide on Your Beneficiaries: Think about who you want to inherit your assets and in what proportions. If you have minor children, decide who you would want to act as their guardian.
3. Consult an Estate Planning Service or Attorney: While you can create a will on your own, consulting with a professional can ensure that your will is legally sound and that all your wishes are clearly documented. As an AAHA member, you have discounted access to Trust & Will and their team of experts for will creation and estate planning,
4. Review and Update Regularly: Life changes, such as marriage, divorce, the birth of a child, or significant financial changes, should prompt you to review and update your will. Make it a habit to review your estate plan every few years or after major life events.

This August, take advantage of Make a Will Month to protect your assets and your family’s future by creating or updating your will. It’s a small investment of time that can provide peace of mind and ensure that your legacy is handled according to your wishes. Don’t wait—start planning today.