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August 11, 2020 | Financial Planning
We often think of August as the “dog days of summer,” but did you know it’s National Make A Will Month? While I didn’t, I can understand why a month has been dedicated to raise awareness about making a will. A will is the most important document in an estate plan because it’s the primary document to provide for loved ones when we pass away.
Regardless of personal and financial situations, we need to think about what we own and who we want to leave our belongings to in order to have the final say as to how and to whom our property and assets passes. The alternative, should you not have a will, is called “intestacy” which means state law determines how and who our estates will be passed on to. Most are not comfortable leaving this responsibility to the state and would rather self-determine what happens to our own property.
Before making a will, there are a few considerations to think about (even write down) before engaging with an attorney.
After a will is created it should be reviewed every 4 to 5 years (with or without the help of an attorney) to account for any changes that may have taken place since the will was signed and to ensure it will still accomplish your estate planning goals.
When making a will, it is also a good time to create a financial power of attorney, healthcare power of attorney, and living will. These documents, commonly known as advanced directives, address situations that may arise during our lifetimes when a person is unable to act on their own behalf to manage their financial affairs or to make important healthcare decisions if incapacitated.
Creating a will is an important first step in an estate plan. Thinking about the considerations listed above before meeting with an attorney should help make the process easier and perhaps more cost-effective. Once a will is created and signed, you can have peace of mind with a plan in place.
Download our Estate Planning Guidebook, which includes planning recommendations at a variety of life stages and a checklist to help you prepare to meet with your estate attorney.
Consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.
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