National Make-A-Will month is observed annually each August. It is the ideal time for advisors and charitable organizations to spread awareness of the importance of having a will and ensuring that it continues to reflect your personal and financial goals.

What is a will?

A will is a legal document in which you designate who will handle your estate (an executor or personal representative), who will serve as guardian for any minor children, and who—individuals and charities—will eventually receive your assets. A will is a key part of an estate plan. Advisors may recommend other documents as part of a comprehensive estate plan, including trusts, powers of attorney, living wills, and health care proxies.

How do I begin?

If you have a will, review it to confirm that who you named as executor, guardian (if you have minor children), and beneficiaries, both individuals and charities, still align with your objectives. If you need to make any changes, they can be captured in a codicil—a separate document that revises part or all of your existing will—or in a new will.

If you do not have a will, consider hiring an estate-planning attorney to assist you. A good estate plan involves more than a will. It also includes beneficiary designations for your retirement plans, life insurance, IRAs, and bank or brokerage accounts. An estate-planning attorney can advise you regarding your assets and goals, both personal and charitable, and serve as a key advisor on your team that may also include a financial advisor, a life insurance agent, and an accountant.

What does a will do?

Your will is an expression of your values. Typically, people provide for their spouses, children, other family members, and individuals. You can also designate one or more charitable organizations, showing a passion for and commitment to the missions of these organizations. If you have made gifts to charity, you can continue this legacy by making a gift to honor your parents or other loved ones or to establish a permanent fund. Your will can help you achieve a number of personal goals.

What type of gifts can I make?

Gifts to individuals and charitable organizations can be made in a variety of ways: specific assets (jewelry or a car), a specific amount ($10,000 to your place of worship), a percent of your estate (10% of your estate), or the remainder of your estate after you make other gifts. You could also make a gift that provides an income stream to an individual with the remainder going to one or more charitable organizations like ours. This type of gift achieves two goals: a gift to charity plus providing retirement income.

As you review your will or prepare to create one, consider the impact your legacy can have. A gift through your will supports the people and organizations you cherish while also ensuring that your values endure. We would be pleased to speak with you—and your advisors—about ways to make a gift to support our mission in your will that best achieves both your personal and charitable goals.