August 2023: 

The MLO Minute: “August is National “Make a Will Month” – A Confession and Perspectives” — 

By Dennis McAndrews, Esq., —

First the confession— I have absolutely no idea who created this month of observation about developing estate plans, or exactly why it was done for August. I tried researching this history, but without success, although I did learn that it’s also “National Panini Month, and “National Golf Month“. I guess it must be a big month for Panini eaters and golfers. (I’m sure that many spouses think that every month is “National Golf Month”, but that’s a story for another day ….).

 

But since it is “National Make a Will Month”, let’s not waste it! This is as good a time as any for us to remind you of the benefits of creating a will. For persons who don’t have a will, I always tell them: “You may not know it, but you already have a will and an estate plan, but it’s been designed for you by your state government, and it’s called “intestacy”. Without a will, you will not be able to select your executors, beneficiaries, guardians for minor children, method of payment of death taxes, and a host of other issues. Absent a will, the intestacy laws will inevitably grind into effect, with extra legal fees, probate challenges, potential disputes/hard feelings among beneficiaries, and an unknown person to administer your estate. It simply makes no sense at all to fail to have a will to direct your estate upon your passing.

 

For those individuals who already have a will, there are circumstances which almost always require a review and potential modification of your will and other estate planning documents (trusts, powers of attorney, living wills). These circumstances include:

 

• death of a spouse or other beneficiary

 

• unavailability of an executor or trustee named in a prior will

 

• significant change in financial circumstances (for better or for worse)

 

• marriage or divorce of the testator or any individuals named in the will as beneficiaries

 

• desire to change beneficiaries or recommended guardians for minor children (on more than one occasion, we have had clients return from vacation with friends/relatives who were named as guardians of minor children and the clients have become uncomfortable with that designation)

 

• disability of a child, beneficiary, spouse, or other loved one.

 

Of course, there are other personal reasons why your will and estate plan should be reviewed and modified. For those who don’t have a will, or those who believe a change in their will is necessary, we recommend completing our estate planning questionnaire and forwarding it to us to schedule an appointment to review your estate planning needs. Click here for the link to our ESTATE PLANNING QUESTIONNAIRES.