August is Make a Will Month

According to a recent study, while 64% of Americans recognize the importance of creating a will, fewer than 32% have one. Many of those without a will cite expense or “not getting around to it” as the reason. Getting your affairs in order doesn’t need to be expensive or time-consuming. While there may be some cost associated with creating a will, it is an important investment that allows you to decide now (rather than someone else later) how your property and investments will be handled. It can alleviate stress on your loved ones, relieving them of the burden of making those decisions without your guidance.  

August is National Make a Will month, an annual reminder of the importance of having a plan in place. Here are some ways you can get started today. 

Take an inventory of all your assets. List your bank accounts, investments, real estate, jewelry, and personal property. If you have a financial advisor or asset manager, include their contact information. 

Review beneficiary designations on your life insurance, retirement accounts or other investment accounts. Beneficiary designations go directly to the named beneficiary outside of probate, so be sure these are up to date after any major life events, such as marriage or divorce, or the birth of a child or grandchild. 

Think about your executor. If you are considering a friend or family member to serve as executor of your estate, discuss this with them to be sure they are willing to complete this task. Be sure to include their contact information. When preparing your will, you may also want to consider creating Powers of Attorney for Finances and Health Care Directives, naming a trusted person who can make decisions on your behalf if you are unable to handle your affairs. 

Consider your philanthropic priorities. You may want to include charitable beneficiaries in your will. You can name one organization or more to receive a portion of your estate, or as a beneficiary or partial beneficiary of a life insurance policy or retirement account. Sharing your plans with the charities and organizations you plan to support helps ensure your goals are understood and your gift will be used as you intended.   

Revisit your plan. If you already have a will, make a point to review it every few years. Your assets, relationships, and family circumstances may change, as well as your wishes, so be sure this document reflects your current situation and plans accurately.  

A will is not a one-size-fits-all document, and if you have significant assets, a complicated plan for dividing your assets among beneficiaries, a child who has special needs, or a closely held business, you will likely want to seek legal advice to consider all estate plan options that might offer financial and tax benefits.  

If you are interested in supporting Washington University in your will or estate plan, we can provide language to share with your attorney to ensure your objectives are met, or we can create a memorandum of understanding that will serve as a guide for the university to use your gift as intended once it is received. If you have already included WashU in your plans, we invite you to share that information with us, not only so we can thank you, but so we can ensure that your intentions are properly documented and ensure your wishes can be honored. 

The Office of Planned Giving can help you get started on creating a will or estate plan. Our free estate planning guide helps you move through these steps and collect the information necessary to meet with an attorney and start drafting your estate documents. Please contact us at plannedgiving@wustl.edu if you are interested.