As summer vacations end, family outings dwindle and school routines return to normal, planning becomes more important for families with the arrival of August. Another important aspect of family planning is estate planning, and August is National Make-A-Will Month.
While National Make-A-Will Month may not sound as exciting as other summer activities, it is an essential event for all our families. Taking the time to record our wishes will ease burdens on our loved ones and become as much of a gift to us as it will be to them. This nationwide effort was put in place to combat the fact that while 56% of Americans believe that estate planning is important, only 33% of adults in the U.S. have documented their plans for what kind of legacy they want to leave.
Having a will in place is just one part of a comprehensive estate plan. The best way to approach estate planning for the first time is to make a checklist for yourself. Here are some general steps you can take to get started:
- Take inventory of everything of value you own.
- List your family members – this accounts for the needs of immediate family and dependents.
- Designate your beneficiaries – name your beneficiaries on your bank accounts, retirement accounts, and life insurance policies.
- Make a list of any charitable causes important enough that you would want to include them in your will.
- Look up your state’s laws – states have different laws regarding what happens when a person dies. To ensure optimal asset protection, check your state’s probate and estate or inheritance tax laws.
- Choose which directives you want in place – living wills, powers of attorney, trusts, etc.
- Choose a law firm or online service to help you with next steps.
If this sounds too overwhelming, start by getting some professional advice. You’ll find A LOT of information online, or you can start by sitting down with a lawyer or financial advisor to help you understand your options, along with the most important elements of any solid plan.
After you’ve finalized all the necessary documents, and the originals are in a safe place, remember to keep them updated. Experts say to revisit your plans every three to five years – even without major life changes.
How do you want to be remembered?
This question may cross your mind often as you go through your checklist. It may even go through your mind while reading this blog. Most of us want to be remembered as kind, gracious, loving – basically, we want to be remembered as good people. Setting our loved ones up as best we can, can be one of our best acts while we’re here.
Thinking ahead can sometimes feel daunting, especially when thinking about wills and estate planning. And, finding resources to assist you is a very personal choice. We understand how important this subject is, and here at Arkansas PBS, we offer a free personal estate planning toolkit available as a digital download or printed copy. For more information, you can email legacygifts@myarkansaspbs.org, or call 800-662-2386.
Thanks – and enjoy the rest of your summer!