August is make-a-will month, and no one is less likely to make a will than an American. In recent years, the percentage of Americans with wills has declined. As of 2024, only about 32% of American adults have a will. This represents a notable decrease from previous decades; for example, in 2005, approximately 51% of Americans had a will, and by 2016, this number had dropped to 44%
(Senior Care Hub)
(Haimo Law).
The reasons for not having a will vary, but common barriers include procrastination, perceived lack of sufficient assets, and the cost of setting up a will. Specifically, 43% of Americans cite procrastination as the main reason, while 40% feel they do not have enough assets to justify creating a will (Senior Care Hub).
Despite these barriers, having a will is crucial for ensuring that one's assets are distributed according to their wishes and for avoiding potential legal complications for their heirs. Making a will can provide peace of mind and financial security for loved ones, making National Make-a-Will Month a timely reminder for individuals to consider their estate planning needs.
It's advisable to create a will as soon as you have any significant assets or responsibilities, such as property, investments, children, or dependents. While there's no "right" age to make a will, many experts suggest creating one in your early adulthood, around age 18, when you first acquire assets or have dependents. However, it’s never too late to make a will, and it should be updated regularly to reflect changes in your life circumstances.
Where to Create a Will:
- Online Will Services: Websites like LegalZoom, Quicken WillMaker, and Trust & Will offer user-friendly platforms to create legally binding wills.
- Law Firms: Hiring an estate planning attorney ensures your will is thorough and complies with state laws.
- Do-It-Yourself Will Kits: Available online or at bookstores, these kits guide you through the process of drafting a will.
- Local Government Resources: Some local governments offer free or low-cost will-making services, especially for seniors or low-income individuals.
10 Reasons to Make a Will in National Make-A-Will Month
Ensure Your Wishes Are Honored:
Creating a will ensures your assets are distributed according to your wishes, rather than being decided by state laws.
Protect Your Loved Ones:
A will can provide for your family, including appointing guardians for minor children, which can be crucial in securing their future.
Avoid Lengthy Probate:
A clearly defined will can expedite the probate process, reducing the time and expense for your heirs.
Minimize Family Disputes:
By clearly outlining your wishes, you can minimize the potential for disputes and conflicts among family members.
Support Charities:
A will allows you to leave a legacy by donating to charities or causes you care about, ensuring your philanthropic wishes are honored.
Tax Benefits:
Proper estate planning can help minimize estate and inheritance taxes, preserving more of your wealth for your beneficiaries.
Care for Pets:
You can designate a caretaker and funds for your pets, ensuring they are well cared for after your passing.
Business Continuity:
If you own a business, a will can outline what should happen to it, ensuring its continuity and the protection of your employees and customers.
Peace of Mind:
Knowing that your affairs are in order and your loved ones are protected can provide significant peace of mind for you and your family.
Take Advantage of Resources:
National Make-A-Will Month often brings awareness, resources, and promotions that can make the process easier and more affordable.
Creating a will is a crucial step in ensuring your legacy and protecting your loved ones. Taking advantage of National Make-A-Will Month is a great opportunity to address this important aspect of life planning. Note that making a will is not a substitute for a trust, and you must have a will even if you do have a trust. I'll cover those issues later.
Photo by Melinda Gimpel on Unsplash
