Have you ever stopped to wonder exactly what would happen to your family, your assets, and your legacy if you were no longer here tomorrow? It’s a heavy question, but an incredibly important one.
August is National Make a Will Month, which serves as a powerful annual reminder that estate planning is vitally important to all of us. It’s a crucial step we must take to protect our loved ones from unnecessary stress, complex probate hurdles, and financial uncertainty during an already emotionally taxing time.
Consider this: If you ask Google to search “percentage of Americans who don’t have a will,” naturally there are thousands of hits. Percentages range from 30% to 70%, depending on the source. Are you among the people in that range? National Make a Will Month is the perfect reason to move this critical task from the bottom of your to-do list to the very top.
If you’ve been following our Everest Financial Inc. blog, you might remember the comprehensive, month-by-month financial to-do list we outlined back in January. Our goal was simple: to break down the seemingly overwhelming world of wealth management into manageable monthly tasks. Well, we have officially arrived at August, and in the spirit of National Make a Will Month, our focus aligns perfectly with this month's overarching theme: If something happened to you tomorrow, would your plan be clear?
Estate planning is rarely a "set it and forget it" endeavor. As time passes, your life, your assets, and your family dynamics inevitably evolve. To ensure your legacy is protected, this month is dedicated to dusting off your foundational documents.
Here is exactly what you need to review:
Your will: Does it still accurately reflect how you want your assets distributed? Are your chosen executors still willing, local, and capable of handling the legal responsibility?
Powers of Attorney (POA): If you were to become incapacitated, who will handle your finances and pay your bills? Make sure your financial POA designates someone you currently trust to make pivotal decisions on your behalf.
Health care directives: This includes your medical power of attorney and living will. If you cannot speak for yourself, these documents ensure your medical wishes are known and respected by doctors and family members alike.
Trusts: If you have a trust in place, are the correct assets properly funded into it? Have your intended beneficiaries or trustees changed since the document was drafted?
Usually the main catalyst for updating these documents is a major life event. The joyful arrival of new grandchildren might mean you want to update beneficiary designations to include them. Conversely, changes in your own health – or the health of a designated decision-maker – can drastically alter who you want stepping in for you during a crisis. Marriages, divorces, business transitions, or shifts in tax laws can also render an old plan ineffective or unnecessarily burdensome for your grieving heirs.
Don't leave your family guessing. Use National Make a Will Month as your motivation this August to review your will, powers of attorney, health care directives, and trusts. If you spot something out of date, or if life has thrown you a curveball recently, it is time to make the necessary updates.
At Everest Financial Inc., a family-run business where family comes first, we are always ready to meet with you to help ensure your entire financial picture is cohesive, current, and clearly defined. Let's make sure your family has a roadmap they can rely on.
Here’s to a proactive and productive August!