August is Make-a-Will Month. Now is a great time to plan for the future and take steps that will look after your loved ones. In many ways, establishing a legacy begins with writing a will.

A will is a legally binding document that serves several key purposes, primarily determining the disposition of your assets and property after your death. It can also establish an executor, someone who will manage your estate. Should you have minor children, you may also include provisions for naming a guardian to take care of them.

However, it’s more than a set of directions. The American Heart Association describes a will as a document that “ protects what’s in your heart.” In other words, a will:

• Ensures your wishes are honored
• Protects the people you love
• Leaves a legacy that reflects your values
  

Let’s go over why it’s important to have a will and how you can get started with planning your estate.

Why Do So Many People Skip Out on a Will?

The American Heart Association notes that only one in three Americans has a will. What might cause people to hesitate when it comes to estate planning?

According to LegalZoom, there are many reasons why people put off preparing a will or forego it altogether. Some of the leading reasons include:

• Prevailing discomfort telling others personal details
• Unpreparedness to make important life decisions
• Hesitancy to address family issues
• Belief that making a will is difficult
  

There is a prevailing assumption that when most people think about a will, they think of mortality, the end of life, and the unpleasant topics that surround them. These responses are natural to have, and you deserve the time and space to reflect on them.

At the same time, a will is a key stepping stone to allaying these same concerns. While thinking of the end can be discomforting, preparing for the inevitable should instill a sense of security and peace of mind.

Most importantly, writing a will comes from a place of love. Leaving a will provides directions to your loved ones, ensuring your wishes are honored. Your family and close friends will appreciate such clarity when the time comes.

Why You Need a Will

Imagine everything you own. Your car, house, and everything in between. What will happen to all of your possessions when you are gone?

Without a will, your possessions will be distributed according to state law. It’s a legal process called probate, which, without getting into too much detail, can be lengthy and costly. Such a process can be even more complicated without a will.

Not having a will can leave your estate and your loved ones in disarray. The possessions you once owned may end up in a place where you never intended. Worse, the distribution of your assets might confuse or even antagonize members of your family.

A will alleviates many of these worries. When you have a will, you can feel at ease knowing your wishes will be honored and your loved ones know what to do upon your passing. It dispels ambiguity and provides peace of mind.

How To Get Started Writing a Will

One of the reasons many people pass on estate planning is that it feels like a daunting and cumbersome task. In reality, it can be simple. All it takes to get started is preparing a will.

Start small. You can write down your wishes and go from there.

Then, branch out. When you are comfortable, take time to talk to trusted family members and friends about your wishes.

Also, find resources online about estate planning that can guide your preparations. It may help to speak with an attorney specializing in estate planning.

These days, it’s possible to find will preparation services online. Best of all, many of these services offer discounts for wills and trusts.

Remember: although a will is a legal document, you have the power to modify it over time. Even after preparing a will initially, you may revise this document as your needs and priorities change.

Remember These Other Topics While Preparing Your Will

A will is one part of planning your estate. When preparing your will, remember these other components.

First, review and update the beneficiaries of your financial accounts. State laws cover the distribution of financial accounts and products differently. If an account holder passes away, their accounts go to any named beneficiaries. Examples of accounts that allow the naming of beneficiaries include:

• Bank Accounts
• Retirement Accounts
• Health Spending Accounts
• Life Insurance Policies
  

In general terms, a named beneficiary on a financial account or product will take precedence over whatever a will might state. Even after preparing your will, review your accounts periodically and verify your beneficiaries.

Remember other aspects of estate planning. It’s impossible to know what the future brings. However, you can prepare to the best of your ability. Another aspect of estate planning involves what to do if you find yourself in a situation where you are still alive but can no longer make decisions on your own.

Your estate plan should include a “living will” or “advance health directive.” These are documents that provide directions if you are incapacitated or unable to make decisions independently. These provisions ensure your loved ones understand your wishes related to incapacitation or end-of-life care.

Having a will is a key step towards securing your future. When you prepare for the legacy you’d like to leave, you also reinforce the life you want to live.

Build your legacy and write a will today. First Florida has partnered with Love My Credit Union Rewards and Trust & Will to bring you an easy, affordable, and secure way to create an estate plan. Trust & Will, an online estate planning platform, has helped over half a million families secure their legacies. Members can receive a 20% discount on any estate plan with Trust & Will.  Click here to learn more about Trust & Will.