There is no worse feeling in life than when a loved one passes away. And when that individual has not communicated his or her wishes or shared key information, that can add an additional burden of time, money and stress to loved ones’ grief.
As August is National Make a Will Month, here are four suggestions to help you make sure you have your will made and updated in a manner that will help your loved ones sort through your estate and continue your legacy in the best manner possible.
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When it comes to estate planning, having a will is important. Having one that is done properly is more important. There are online services that can help you, but I recommend meeting with a local estate planning attorney.
Not only will a professional make sure that your wishes are accounted for properly, but they will understand state-specific requirements and regulations.
Moreover, many estate planning attorneys can help with more than just the legal aspects of estate planning; they can also help or find you someone to help with tax planning and any related entities, such as trusts, to make sure your assets are passed down in the most tax-efficient manner.
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As you meet with an estate planning professional or your accountant, you can explore making gifts to loved ones today. This may bring you more satisfaction, so that you can see your loved ones benefit from what you plan to leave them instead of waiting until you are gone.
In 2026, you can gift $19,000 individually ($38,000 for married couples) per person, tax free for the year. Again, consult a professional for assistance to make sure you are crossing all your "t’s" and dotting your "is" regarding any gifting.
Also, if you have family members who can handle the discussion, dividing up possessions, whether passed now or later, as a family can help minimize fighting among family members down the road.
Moreover, many in the younger generations aren’t interested in the same physical mementos as those who are older. If you have a china set or a collection of statues that hasn’t been used in years, and nobody in the family wants them, you can explore making plans for disposal now – whether that means selling or donating the items. This can generate extra cash, tax deductions or even find a home with someone who you know will enjoy them.
As a bonus, it will create less "cleanup" down the road for loved ones.
One of the biggest issues I have seen with those who have wills is that their loved ones can’t find it (or don’t know which is the most recent copy). Preparing your wishes and information but not making them accessible to your loved ones defeats the purpose.
Put your will, along with other key information (like a listing of your financial accounts and advisors or a key to your safe deposit box) and any personal wishes in a legacy and wishes planning kit. You can use one like the kit I created after my father’s passing, Future File, or you can make your own if you prefer.
Whichever route you go, make sure your family members either have access to your kit and its contents now or know how to access it and can do so in case of an emergency or if you pass.
OLIVER TREE MADE EERIE COMMENTS ABOUT HIS WILL WEEKS BEFORE FATAL HELICOPTER CRASH IN RIO DE JANEIRO
A friend of mine’s mother was gravely ill and told my friend about her will. When my friend had an estate planning attorney review it, it turned out that it did not reflect what her mother’s current wishes were; rather, it contained some changes other family members had suggested many years ago that her mother had forgotten about.
If this hadn’t been reviewed, her mother would not have left her assets to her grandchildren, but rather to distant cousins.
That underscores why it is important to review your will regularly and make any updates if circumstances change over the years.
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Additionally, if you have financial accounts, retirement plans or policies, such as insurance policies, that have beneficiaries, make sure that those are up to date, accurate and match your wishes. Beneficiary designations supersede wills, and so beneficiaries will receive the payments, even if they differ from your will. Check this on a regular basis as you review and update your will.
Saving your loved ones dozens of hours of time, giving them peace of mind and reducing uncertainty and even infighting during a very difficult time are the best things that you can leave behind as part of your legacy. That only happens with the proper planning today.
