Provided by James A. Carolan, CWS®, CTFA | Sr. Estate Planning Attorney for EWM Legal Solutions
August is designated as National Make-A-Will Month, and it’s a crucial reminder to us all of the importance of this often-overlooked legal document. Creating a will is not something reserved for the elderly or the incredibly wealthy; it is a vital task that all adults should undertake.
Why Make a Will?
A will provides a legally enforceable directive of how your assets should be distributed upon your death. It is essentially a set of instructions to the Probate Court regarding who you want to place in charge, and what you want them to do. Without a will, the state takes over and distributes the property according to intestacy laws, which might not align with your personal wishes. This process can also be time-consuming and stressful for loved ones.
Protecting What Matters
A well-crafted will does more than just divide property. It may include provisions for minor children, specifying guardianship, and financial care. It’s a way to ensure that what matters most to you is protected and handled with care according to your specifications.
Avoiding Disputes
Family disputes over property and assets can cause deep rifts that last for generations. By creating a will, you provide a clear roadmap of your intentions, often preventing misunderstandings and bitter disputes.
The Process of Creating a Will
Many people procrastinate in creating a will because they think it’s a complex and expensive process. While it’s true that some situations may require legal guidance, many online tools and resources are available to assist in creating a basic will; however, it is best not to approach estate planning as a “do-it-yourself” project. Some individuals may be able to draft a simple will themselves, most benefit from consulting an estate planning attorney. Remember that a will is a legal document and there are legal requirements that must be understood and adhered to.
Act Now
National Make-A-Will Month serves as a yearly reminder of the importance of this vital document. Waiting until it’s too late can cause unnecessary stress and confusion for your loved ones. The process of making a won’t need to be overwhelming or costly, but it does require thoughtful consideration.
Where to Start?
Contact me at EWM Legal Solutions. I’m here to assist you in these kinds of legal matters, helping you protect what you care about most.
James A. Carolan, CWS®, CTFA
Sr. Estate Planning Attorney
Executive Wealth Management and EWM Legal Solutions are separate but affiliated companies. Executive Wealth Management (EWM) is a Registered Investment Advisor with the Securities and Exchange Commission. Reference to registration does not imply any specific level of qualification or skill. Investment Advisor Representatives of EWM offer Investment Advice and Financial Planning Services to customers located within the United States.
