Did you know that August is National Make a Will Month? Now is the ideal time to either make a will or have your existing will reviewed. Two of the most oft cited reasons for why individuals fail to make a Will are: (1) “I’m too young. I don’t need a Will yet”; or (2) “I don’t have the time or money to have a Will drafted.” However, what these individuals fail to realize is that a Will functions as the foundational block to the entire estate plan building.
The Importance of Creating a Will Sooner Rather Than Later
In sticking with the construction analogy, having a strong foundation in place allows an individual to build a home that suits their needs now and allows for expansion as their needs evolve in the future. A Will serves the same function in the estate planning process. By executing a Will today, you have laid the proper foundation to meet all of your needs both now and in the future, which may include providing for the future of your family, business succession planning, trust administration, philanthropic planning, private equity investing, as well as an array of various other estate planning mechanisms. It is never too early to start this process, and proactive planners who spend the time and money in drafting up a Will and beginning the estate planning process often see a substantial return on their investment. This Make a Will Month is the perfect time for you to get this process started.
What Are the Benefits of Making a Will?
The benefits of maintaining a Will are numerous, including:
- Having the ability to decide where and to whom your estate (the assets and property you own) will go following your death;
- Choosing who will be the executor of your estate and maintain responsibility for distributing your assets and property according to your wishes;
- Reducing and/or eliminating disputes between loved ones over who gets what;
- Choosing who will take care of your minor children and/or pets, if applicable; and
- Reducing any estate taxes and/or inheritance taxes that may apply.
Taking the time to make a will is an act of love to help lessen the burden of estate administration and prevent potential future disputes among your loved ones. However, perhaps the largest benefit of having a Will is its impact on the remainder of your estate planning needs. Executing a Will is the start of the process in creating an appropriate plan for maximizing the value of your assets now and creating a plan for the future. For example, if you own a business, your Will may identify who the business ownership will transfer to upon your passing. Accordingly, upon your death, your appointed successor is now faced with a myriad of responsibilities of which they may have little experience with, such as filling key positions, identifying crucial assets, managing such assets appropriately to ensure that the business continues to be lucrative over time, etc. These burdens can be largely alleviated by crafting and implementing a business succession plan. A business succession plan is useful in determining not only how the business will operate in the event of your death or incapacity, but also in answering the various questions mentioned above. Such a plan can be utilized to select officers of the company, identify company assets and recommend how such assets can be properly capitalized upon, identify steps to be taken should the company and/or assets of the company need to be liquidated, identify skills and revenue streams to keep the business running effectively, etc.
Additionally, having a Will in place helps begin the process of exploring how you can maximize efficiencies in the transfer of your assets for the benefit of both your future self and your loved ones. Examples may include minimizing estate and transfer tax liabilities you and/or your company may face, creating a living trust, putting in place a power of attorney, executing a transfer on death affidavit for any real property, executing a living will declaration for any end-of-life decisions, etc.
How Do You Know What Type of Estate Planning is Best for You and Your Family?
The overall theme here is that tomorrow is never promised. A proactive approach to estate planning is essential, yet there are many complexities to the process. Further, everyone’s situation is unique. There is no “one size fits all” when it comes to estate planning. Executing a Will now and establishing a relationship with a well-qualified attorney who can help you navigate the estate planning waters is crucial. When your life’s work is literally at stake, there is no room for procrastination. Having a lawyer involved early on that is familiar with both your assets and desires can be immensely helpful in navigating issues that arise both during your lifetime and following your passing.
Get Started on Creating a Will with Plakas Mannos
Our Estate and Wealth Planning Team is here to assist you in this process, ease the transition process for your family and successors, and to act as the bridge between you and your loved ones in the event of your untimely death. Give our team a call today at 330-455-6112 to see how we can help you execute a Will, structure your assets for succession, and create a plan for your future.
About the Author
Hunter Miller is an associate attorney for probate, estates, and trusts, along with our other practice areas.
Meet the Team
David Dingwell is an attorney and partner at Plakas Mannos, whose practice is focused on estate and trust planning, probate and trust administration, and estate and trust litigation matters.
James Mannos is a partner with a practice that focuses on estate and probate matters and other areas.
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