26 Aug August Is National Make a Will Month: Have You Written Yours Yet?

Every adult needs a will, whether they’re 18 or 78, whether they’re making their own way or they’re already a millionaire. You see, a will isn’t just about deciding who gets your savings account or your house or your comic book collection after you die. It’s also about protecting what’s most important to you and preventing legal headaches for the loved ones you leave behind.

If you haven’t written your will yet, now is a good time to do it. August is National Make a Will Month, so we’re sharing a few tips to help you get started.

Eight Reasons Why You Need a Will

1. 1. To appoint a legal guardian for your children
   2. To appoint a caregiver for your pets
   3. To keep your money from falling into the wrong hands
   4. To provide for your unmarried partner
   5. To pass down family heirlooms or collectibles
   6. To support a cause you care about
   7. To protect your digital assets and social media
   8. To give instructions on what to do with your remains

 

With a will, you get to decide who cares for your pets or your children. You don’t have to worry about them ending up in foster care or living with someone who doesn’t love them. A will also gives you control over who inherits your assets, family heirlooms, and collectibles, so they won’t fall into the wrong hands. 

If you have a life partner but are not legally married, you can use a will to make sure they inherit your house or get access to your bank accounts, instead of letting those assets go to your next of kin. Or, if you prefer to leave your savings to a nonprofit organization instead of your nearest relatives, writing a will can help you fulfill that wish. 

You can also use a will to provide instructions on how to access your online accounts and social media profiles, and what to do with them. You can express your wishes regarding funeral arrangements, such as whether you prefer to be cremated or buried. 

How to Make a Will, Step by Step

Step 1: Select beneficiaries, guardians, and an administrator. 

Your beneficiaries are the people you want to inherit your assets, heirlooms, or collections. If you have pets or children, choosing guardians will give you peace of mind knowing that if you were to suddenly die, someone you trust will be looking after them. You’ll also need to choose someone to be the administrator or “executor” of your estate. They will be the one who makes sure that your wishes are carried out.  

Step 2: Write a draft of your will.

Begin by stating your name and the purpose of the document. Next, list your assets and beneficiaries, name guardians, appoint an executor, and specify your final wishes. Then sign and date the document. 

You can use an online template, but only as a starting point. DIY estate planning is never a good idea. Laws regarding wills vary greatly from state to state. Make sure to meet with a legal professional who can check your will for mistakes and make sure it complies with state laws.

Step 3: Make sure it’s signed, witnessed, and legally valid. 

There are a lot of rules about wills. A simple mistake could make your entire will invalid. For instance, there are different laws for handwritten wills vs. electronic wills. Or, if you have your partner witness your will, you could accidentally end up disinheriting them.  

Reviewing your will with a legal professional is the best way to make sure it’s valid. They can witness and notarize your will for you, and advise you on what should go in your will and what should not. An estate planning advisor also can help you draft any other legal documents you might need, like an advance directive or a living trust. 

Get Advice from an Arizona Estate Planning Expert 

At Phelps LaClair, estate planning is all we do, and we’ve been doing it for over 40 years. We know exactly how to help Arizona residents protect their assets, their privacy, and their loved ones. It’s never too late or too early to get started. If you haven’t written your will yet, we can offer expert advice. Contact us today to schedule a free consultation.

Photo by Aarya on Unsplash used with permission under the Creative Commons license for commercial use 8/21/24.