Did you know that August is National Make-a-Will-Month?
We should all have a will regardless of our age or tax bracket. But making (or updating) our will is one of those things on our to-do list that often never seems to get done. And there’s plenty of reasons why people put it off: it can seem daunting to do and, let’s be honest, it’s not exactly pleasant to think about the world spinning on after we’re no longer in it and it’s a lot more pleasant to think we’ll be around long enough to do it “later.”
But having will allows you to specify exactly how your assets should be distributed after your death. Without a will, state intestacy law will determine the distribution, which may not align with your wishes. A will ensures that your beneficiaries, including minor children, are provided for according to your desires. You can appoint guardians for your children and set up trusts to manage their inheritance. And, if you have pets, your will can include provisions for their care, ensuring that they are looked after according to your wishes. By clearly outlining your wishes, a will can help reduce the potential for disputes among family members. It provides a clear plan that can be followed, minimizing confusion and conflict.
A will can also help reduce the amount of estate taxes that will need to come out of your estate. By carefully planning your estate, including the use of trusts and other mechanisms, you can potentially lower the taxable value of your estate. Your will can include plans for gifting portions of your estate to family members or other beneficiaries. These gifts, if structured properly, can reduce the overall size of your estate and therefore reduce the estate taxes. Charitable contributions made through your will can provide significant tax deductions for your estate. By designating a portion of your estate to qualified charities, you can reduce the taxable value of your estate.
Leaving a portion of your estate to charity also allows you to continue supporting causes you care about even after your death. This can be a powerful way to create a lasting impact and be remembered for your philanthropy. Your will can specify exact amounts or percentages of your estate to be given to your favorite charities. (And we hope we are one of yours!) This ensures that your charitable intentions are clearly documented and executed according to your wishes.
Fortunately, there are a number of good resources out there to make the process straightforward and reasonably simple.
The first great resource for Montanans considering estate planning is from Montana Law Help, a service of Montana Legal Services Association. They have a great guide on Getting Started and another on What You Should Know When Writing a Will in Montana. Because there are specific and unique concerns for Native American wills, they also provide a free interactive Will-in-a-Box tool for those.
Next, you can find free fill-in-the-blank forms, including wills, at the Montana Department of Health and Human Services. DPHHS also routinely offers free estate planning clinics for Montanans aged 60 years or older and any enrolled tribal members. More information about those, including a schedule, can be found here.
Lastly, FreeWill can be an excellent tool for writing your will. This online tool will guide you through the process in about 30 minutes or so.
There you go. Three great resources to help you with writing your will from start to finish. Easy-peasy. And did we mention that for all of the resources above, there is no cost to you?
So, since August is National Make-a-Will-Month, let’s make August the month we finally put a tick next to “Make a Will” on the to-do list!
Disclaimer: the above is not intended to be and should not be construed as legal or financial advice. If you have questions beyond the scope of the resources provided above, please speak with your legal and/or financial advisor. This post is not sponsored or endorsed by MLSA, MT DPHHS, or FreeWill.
