Whether you’re 18 or 108, everyone needs a will. August is National Make-A-Will Month, reminding us all to make sure our wishes are documented and our loved ones—including our pets and the community – are cared for.
Why Make a Will?
Picture this: you’ve been working hard, saving up, and maybe even collecting some personal treasures along the way. What happens to all of that when you’re no longer around? Without a will, it’s like leaving your story unfinished, with someone else holding the pen. The distribution of your belongings may be left up to the state, which can cause delays, extra taxes, family disputes, and your wishes going unfulfilled. Having your will in place is the ultimate gift to your future self and loved ones for clarity and peace of mind. It’s more than a legal document; it’s a roadmap for your legacy.
Key considerations in making your will:
1. Identify Your Assets and Beneficiaries: Start by inventorying your property, investments, and personal belongings. Then, determine who you want to inherit these assets—family members, friends, or charitable organizations. Be specific to avoid any confusion or disputes. [Note: beneficiary designations on retirement accounts, life insurance policies, and other assets take priority over what your will says, so be sure to keep them current and reflective of your intentions.]
2. Choose Your Team: Your executor will carry out the instructions in your will, so choose someone you trust to handle managing your estate, paying debts and taxes, and distributing assets to beneficiaries. If you have minor children or dependents, it’s essential to designate a guardian who will care for them in the event of your passing. You can also name a guardian for your pets. An estate planning attorney can help you make plans for more complex situations.
3. Consider a Gift: Including a charitable gift in your will allows you to build a legacy – a lasting impact on your community. Whether supporting education, your favorite beach or park, the arts, or a nonprofit close to your heart, your donation can make a difference long after you’re gone. These gifts may also provide tax benefits for your estate and loved ones, making it a win-win for you and the causes you care about.
Make or update your will this August.
Making a will can be easy, free, and done in as little as 20 minutes. The Community Foundation for Muskegon County has partnered with FreeWill, a leading online service where you can complete your free, legally binding will along with important Powers of Attorney. If your plans are more complex, FreeWill can still be helpful as you prepare to work with your estate attorney. The Community Foundation partners with many professional advisors across the region. We’re grateful for their work in helping their clients give, and we’re happy to share a list of potential advisors.
Along the lakeshore and across West Michigan, we’ve all benefited from gifts people have made to our communities in their wills and estate plans. Gifts from neighbors past and present are feeding kids and seniors, providing scholarships and hospice care, putting on plays and symphonies, beautifying our public spaces, preserving our natural resources, and more. Think about what your legacy could be and consider including a gift in your will to make it happen.
As you embark on creating or updating your will and planning your legacy, know that you’re not alone. Along with legal and financial advisors, your local community foundation is here to support you every step of the way, offering guidance, resources, and expertise to help you make informed decisions about your estate. Let’s come together to ensure your legacy lives on in the people and community you love.
Heidi Sytsema
Vice President of Development & Donor Services
Community Foundation for Muskegon County