Creating a will may feel like a task for “someday.” But someday has a way of arriving before we're ready. August is National Make a Will Month. Take a simple first step toward protecting the people you love and putting your wishes in writing.
Estate planning can sound complicated, intimidating, or even uncomfortable. But at its heart, creating a will is about something much simpler: caring for the people and causes that matter most to you.
A will can help make your wishes clear, give your loved ones greater peace of mind and provide an opportunity to leave a lasting legacy.
And you don't have to be wealthy to need one.
What Is a Will?
A will is a legal document that communicates your wishes for the distribution of certain assets after your death. Depending on your circumstances and the laws of your state, it can also name the person you want to handle your estate, known as your executor or personal representative.
Without a valid will, state law generally determines how assets subject to probate are distributed. That may not reflect what you would have chosen.
A will allows you to make those decisions yourself.
Who Needs a Will?
One of the biggest misconceptions about wills is that they're only necessary for people with substantial wealth.
That's not true.
You may benefit from having a will if you own a home, have savings or investments, have valuable or sentimental possessions, have children or grandchildren, or simply want to have a say in what happens to your property.
Even if you don't consider yourself wealthy, you have something worth protecting: your wishes and the people you love.
A will can be particularly important for people with minor children, blended families, complicated family relationships, or loved ones who may need special consideration.
What Can a Will Accomplish?
A properly prepared will can help you:
Identify Your Beneficiaries
You can identify the people or organizations you want to benefit from your estate.
Distribute Property
A will can provide instructions for distributing assets that are part of your probate estate, including certain property and possessions.
Address Sentimental Possessions
Sometimes the things that mean the most aren't the things that are worth the most.
Family photographs, jewelry, military memorabilia, artwork, heirlooms, and other personal possessions may carry tremendous emotional value. Putting your wishes in writing can help reduce uncertainty about who should receive those special items.
Name an Executor
You can name someone you trust to carry out the instructions in your will. Depending on your state and circumstances, this person may be called an executor or personal representative.
Name Guardians, Where Applicable
For parents of minor children, a will may provide an opportunity to nominate a guardian for their children. An attorney can help you understand the requirements in your state.
Express Charitable Intentions
Your will can also be an opportunity to remember organizations and causes that have been important to you.
A charitable gift through your estate can help a mission you believe in continue for years to come.
What Doesn't Your Will Necessarily Control?
This is an important part of estate planning that is sometimes overlooked.
Not every asset passes through a will.
Certain financial accounts and assets may have their own beneficiary designations or ownership arrangements. Examples can include:
For these assets, the beneficiary designation or ownership arrangement may determine who receives the asset rather than the instructions in your will.
That's why creating a will should be part of a broader estate-planning review.
As you create or update your will, take time to review your beneficiary designations and other important documents, too. You want your estate plan to work together as a whole.
How Do You Get Started?
You don't have to solve everything in one afternoon.
Start by gathering information and thinking about what matters to you.
1. Inventory Your Assets
Make a list of what you own, including your home, bank accounts, investments, retirement accounts, life insurance, vehicles, jewelry, and other valuable property.
2. Identify Your Beneficiaries
Think about the people, family members, and organizations you want to benefit from your estate.
3. Think About Meaningful Possessions
Which belongings have special sentimental value? Are there family heirlooms or other items you'd like specific people to receive?
4. Select an Executor
Consider who you trust to responsibly carry out your wishes and handle the responsibilities involved in settling your estate.
5. Gather Existing Documents
Find your current will, trust documents, insurance policies, retirement account information, financial records, and other important paperwork.
6. Consider the Causes You Care About
Think beyond your family and personal possessions. Are there organizations or missions that have made a difference in your life?
If so, you may want to explore whether a charitable gift could be part of your estate plan.
7. Talk With a Qualified Professional
Estate planning is personal. An attorney or other qualified professional can help you understand your options and determine what may be appropriate for your circumstances.
When Should You Get Professional Help?
For some people, estate planning may be relatively straightforward. For others, professional guidance is especially important.
Consider consulting an estate-planning attorney if you:
An attorney can also help make sure your documents comply with applicable state laws.
Online will-making services may be appropriate for some people with uncomplicated circumstances, but they aren't a substitute for individualized legal advice when your situation is complex.
AFEV does not provide legal, tax, or financial advice. Consult your attorney, financial adviser or tax professional for guidance specific to your circumstances.
Your Will Can Reflect Your Values
Estate planning is often described in terms of assets: homes, savings, investments and possessions.
But your legacy is about more than what you own.
It's about what you value.
Maybe family has always been at the center of your life. Maybe military service shaped your identity. Perhaps you believe strongly in giving back to your community. Maybe there's a nonprofit or cause that has touched your heart.
Your estate plan can reflect those values.
A charitable gift through your will—often called a bequest—can allow you to remember an organization you care about while helping its mission continue into the future.
For some people, this is one of the most meaningful parts of planning.
A Legacy of Love
At Air Force Enlisted Village, we believe caring for other estates is a responsibility worth carrying forward.
AFEV was founded to provide a safe, secure home for surviving spouses of retired enlisted Air Force members. Today, the community continues that spirit of service by providing a retirement community for veterans and their surviving spouses, with independent living at Bob Hope Village and assisted living and memory support at Hawthorn House.
For those who believe in AFEV's mission, including Air Force Enlisted Village in an estate plan can be a meaningful way to help ensure that the mission continues for generations.
The James C. Binnicker Legacy Society recognizes individuals who have named AFEV as a beneficiary of their estate. Legacy gifts help carry forward the vision of Chief Master Sergeant of the Air Force #9 James C. Binnicker, whose leadership and dedication helped shape AFEV's mission of compassion and care. Learn more HERE.
A planned gift doesn't have to change what you give today. It can simply be a thoughtful expression of what you hope to make possible tomorrow.
Ready to Begin?
You don't need to have every answer today.
Start with one small step. Gather your documents. Make a list of your assets. Think about the people and causes you love. Review your beneficiary designations. Then talk with the appropriate professionals about creating or updating your estate plan.
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