August is Will Awareness Month, and it’s the perfect time to reflect on whether your estate plan is complete. As an estate planning attorney, I’ve worked with many families over the years and seen firsthand the peace of mind that comes from having a valid will in place.
A will is just one part of a complete estate plan. For most people, it is important, but not the main method of asset distribution. A complete plan for distributing your assets at your passing can also include a trust and beneficiary designations. However, there is still a need for people to have a will. If you’ve been putting off writing your will, here are three important reasons to make it a priority.
1. You Can Appoint a Guardian for Your Minor Children
One of the most important things a will allows you to do is name a guardian for your minor children. If something were to happen to you and your child’s other parent, and you have not named a guardian in your will, a court would have to decide who should care for your children. That decision may not align with your preferences or values.
By naming a guardian in your will, you take control of this decision and provide clarity to the court and your loved ones. It also helps avoid potential conflict between family members over who should take on that responsibility. Appointing a guardian gives you the chance to choose someone you trust, someone who shares your parenting style, and who is willing and able to take on the role.
2. You Can Waive Bond Requirements and Request Independent Administration
In the event an asset of yours was missed and must go through probate to be re-titled, your will can make the probate process more efficient. You can use your will to waive the requirement that your executor post a bond. A bond is a form of insurance that protects the estate from mismanagement, but it can be expensive and time-consuming to secure. As a result, this requirement could cost the estate
thousands of dollars that would otherwise go to your loved ones.
In addition to waiving the requirement of obtaining bond, your will can request independent administration of your estate. This means the executor will not have to seek court approval for every step they take, allowing for a more streamlined administration process. This can significantly reduce delays and legal fees, easing the burden on your family during a difficult time.
3. You Can Catch Any Assets Not Covered by Beneficiary Designations or a Trust
Even if you have a trust or have designated beneficiaries on your major accounts, a will serves as a safety net. There are often assets that slip through the cracks, such as a new bank account you forgot to title in the name of your trust or a piece of personal property you didn’t specifically assign.
A will gives you the opportunity to make sure these miscellaneous assets are properly distributed according to your wishes. Without a will, any assets not covered by beneficiary designations or a trust would be distributed under state intestacy laws, which may not reflect your intentions.
Final Thoughts
Writing a will is not something many people look forward to, but it’s one of the most thoughtful and responsible steps you can take for your family. It helps reduce stress, prevent legal complications, and ensures that your voice is heard when it matters most.
If you don’t have a will yet, or if it’s been years since you reviewed yours, take this Will Awareness Month as your cue to act. An experienced estate planning attorney can guide you through the process and help make sure your plan is complete, up to date, and truly reflects your wishes.
Dean M. Gerros
Attorney at True Estate Planning
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between True Estate Planning and the reader.
