National Make-a-Will Month: Why it’s Important to Prepare a Will!

By Maddy Carpenter and Sameha Haque

August is national make-a-will month! Every year, we are reminded of the importance of preparing or updating our wills, in order to control our legacy. A well-prepared will can relieve the burden on loved ones of having to make decisions without your guidance, and preparing a will is a valuable investment that allows you to make important decisions now.

First and foremost, wills allow you to name an executor who will not only care for your estate, but also administer and distribute your estate to your chosen beneficiaries. This gives you the opportunity to find the best person for the job: someone who can pay bills, close accounts, and take care of business! Further, in creating a will, you have the opportunity to select guardians to care for your minor children or family members with exceptional needs. Having a will means providing and protecting your family, even after you’re gone. Wills also give you the chance to make specific gifts and donations to loved ones and charities. Bonus: these gifts can possibly lower your estate taxes owed!

An important benefit of preparing a will is to avoid probate, which is a lengthy and expensive legal process to transfer the property and money of those who die without wills. But most importantly, having a will put in place relieves stress and conflict within your family during the difficult time after your passing. Give yourself and your family peace of mind by preparing or updating your will, to ensure a smooth process in administering your estate!

A will is not a one-size-fits-all document. Schedule a complimentary consult with us today, as every situation is unique and we want to ensure that your wishes are honored. Contact us with your questions or to start the process of leaving your legacy! Our team at LP&P is here to help you plan for tomorrow, today.