It’s August, and while some people are deliberately enjoying the end of summer fun, attorneys like me are quietly celebrating something very different: National Make-A-Will Month. I know what you’re thinking: “Finally, the kind of person that gets excited about Wills and Estate Planning?” And, on the rare chance you’re not thinking that, hopefully, by the end of this blog post, you’ll share in my excitement. As most of my conversations go, let’s talk about something no one really wants to talk about. In this case, it’s your inevitable, unavoidable, and completely certain eventual demise (I tend to be more honest than subtle…).
Why You (Yes, You) Need an Estate Plan
If you’re over 18 and own anything (a house, a car, a dog, a collection of rocks stashed at your parents’ house), you need some kind of estate plan. Even if you’re not an eccentric billionaire with a secret wine cellar and a yacht named after your college roommate, your loved ones – and your belongings – deserve a plan. Without a will, state law will govern the disposition of your assets. And obvious cynicism aside: your state government might not be great at guessing your intentions.
What’s the best way to combat the inevitable? Planning. Implementing an Estate Plan, which can be changed and updated as often as needed, is a safeguard against the unpredictable.
What’s Actually in an Estate Plan?
A proper estate plan may include the following:
- A Will – The most common instrument
- A Revocable Trust Agreement – My personal favorite and designed primarily to avoid probate and keep your private things, well, private
- A Durable Power of Attorney – To handle financial affairs when you are unable; who pays your bills if you’re in a coma?
- Healthcare Directives/Healthcare Power of Attorney – Who is responsible for making medical decisions on your behalf
- Guardianship Designations – For your kids or a spoiled Pomeranian
But Wait, Let’s Talk Tax!
I wouldn’t be living up to my reputation as a tax attorney if I didn’t somehow bring everything back to tax. A solid estate plan can help you:
- Use lifetime gifting strategies – Give now, avoid tax later
- Set up irrevocable trusts – Protect assets and reduce taxable estate
- Consider charitable giving vehicles – Do good and lower your tax bill (a win-win!)
- Take advantage of spousal portability – Romantic and tax-efficient
Remember, the IRS is not known for its flexibility or “do-overs.”
“I’m Good, I’ll Just Write Something Down…”
Sure, handwritten notes on a napkin might make for great courtroom drama, but in real life, a Do-It-Yourself Will is often a recipe for disaster (and family feuds, probate delays, and possibly a contract for your next box office hit).
Wills need to follow your state’s specific requirements for drafting, signature, validity, and contents. One misstep and your entire plan could change or be ignored after your death.
How to Get Your Estate Planning Started
Estate planning doesn’t have to be overwhelming. At its core, it’s about protecting the people and things you care about. Finally, a goal we can all agree on!
So, during National Make-A-Will Month, consider this your gentle nudge (or legal guilt trip) to:
- Get your documents in order.
- Talk to an estate planning attorney (hi!).
- Take control of your legacy.
Final Thoughts (Before You Update Your Will)
Recommending an estate plan isn’t novel: everyone knows they should do it, most people avoid it, and those who actually do it feel a lot better afterward. Trust me, even we, as legal professionals, can be guilty of putting off our own estate planning far longer than we should.
Together, let’s make this August the month you finally check “get a will” off your to-do list. Your future self and your loved ones will thank you.
Ready to get started? Reach out – our estate planning group will make it easier (and more fun) than you think.
For more information or to seek counsel from our Trusts & Estates group, please reach out to request a consultation or call us at 216-696-1422.
