August Is Make-A-Will Month: A Good Time to Review Your Legacy

August is Make-A-Will Month, making it a timely reminder to think about one of the most important pieces of your overall financial and estate plan.

If you don’t currently have a will, now may be a good time to begin the conversation and clearly document your wishes. And if you already have one in place, August provides a natural opportunity to review it and ask an important question:

Does my will still reflect my life, my family, and my wishes today?

A will isn’t simply a document that determines what happens to your assets. It can be an important part of the legacy you leave behind—providing direction, communicating your intentions, and helping the people you care about navigate what can otherwise be a difficult and uncertain time.

Why an Up-to-Date Will Matters

Life changes. Families grow, relationships evolve, financial circumstances change, and priorities shift. Keeping your estate planning documents current can help ensure those changes are reflected in your wishes.

A properly prepared and regularly reviewed will can help you:

• Protect Your Loved Ones: Clearly outline your wishes for your family, including considerations for minor children and the individuals you would want involved in their care.
• Reduce Potential Conflicts: Clear instructions may help minimize uncertainty, disagreements, and misunderstandings among family members.
• Define Your Legacy: Establish how you would like your assets and personal possessions handled, and consider newer areas of estate planning such as your digital accounts and online presence.
• Keep Your Affairs in Order: Having a plan in place can provide greater clarity for you today and make things easier for your loved ones in the future.

When Was the Last Time You Reviewed Your Will?

Creating a will is important, but it shouldn’t necessarily be a “one and done” decision. Major life events may be a reason to revisit your estate plan, including marriage or divorce, the birth of a child or grandchild, the death of a family member, a significant change in assets, the purchase or sale of property, relocation to another state, or changes in the people you have named as beneficiaries, guardians, or executors.

Even when there hasn’t been a major life event, periodically reviewing your documents can help confirm that they still reflect your current intentions.

Make August Count

Make-A-Will Month is a good opportunity to move an important item off the “someday” list.

If you haven’t created a will, consider starting the conversation with a qualified estate-planning attorney. If you already have one, take a few minutes this month to review it and determine whether anything in your life has changed since it was prepared.

Estate planning can also be an important part of your broader financial picture. Your financial advisor can work alongside your attorney and tax professionals to help ensure your financial and estate-planning strategies remain coordinated with your long-term goals.

Your wishes. Your loved ones. Your legacy.

Have you already started the conversation?

This material is provided for general informational purposes only and is not intended as legal or tax advice. Individuals should consult with qualified legal and tax professionals regarding their specific circumstances.