National Make-A-Will Month: Protecting the Legacy You Leave Behind
August is recognized as National Make-A-Will Month, serving as an important reminder that financial planning extends beyond building wealth—it also includes protecting what you've worked hard to create. While many people focus on saving for retirement, investing, or purchasing insurance, one essential component is often overlooked: creating a legally valid will.
A will is more than just a legal document. It is a reflection of your wishes, your values, and the legacy you want to leave for your loved ones. Having a properly prepared will helps ensure that your assets are distributed according to your intentions while minimizing unnecessary stress, confusion, and potential disputes among family members.
Why Having a Will Matters
Many individuals assume that wills are only necessary for those with significant wealth. In reality, anyone who owns property, has financial accounts, has children, or wishes to control how their belongings are distributed can benefit from having one.
Without a valid will, state laws determine how your estate is distributed through a legal process known as intestate succession. These laws may not reflect your personal wishes and can result in delays, additional legal costs, and emotional hardship for surviving family members.
A well-prepared will allows you to:
Specify who receives your assets and personal belongings.
Name a guardian for minor children.
Appoint an executor to carry out your wishes.
Help reduce family conflicts over inheritance.
Simplify the probate process for your loved ones.
Rather than leaving important decisions to the courts, a will gives you the opportunity to make those decisions yourself.
A Will Is Part of a Complete Financial Strategy
Estate planning should be viewed as an extension of financial planning rather than a separate task.
Throughout life, people work diligently to build savings, purchase homes, invest for retirement, and protect their families with insurance. A will ensures those efforts continue to benefit the people and causes that matter most after you're gone.
For many families, estate planning may also include:
Durable powers of attorney
Healthcare directives
Living trusts (when appropriate)
Beneficiary designations on retirement accounts and life insurance
Regular reviews of financial documents as life circumstances change
Working with qualified legal and financial professionals can help ensure these components work together effectively.
Common Reasons People Delay Creating a Will
Despite its importance, studies consistently show that many adults do not have a will.
Some common reasons include:
Believing they are too young.
Thinking they do not own enough assets.
Assuming the process is expensive.
Feeling uncomfortable discussing end-of-life planning.
Simply putting it off for another day.
Unfortunately, unexpected events can happen at any stage of life. Estate planning is not about expecting the worst—it's about being prepared and providing clarity for the people you love.
When Should You Update Your Will?
Creating a will is only the beginning. It should be reviewed periodically, especially after major life events such as:
Marriage or divorce
Birth or adoption of a child
Purchasing or selling a home
Significant changes in financial circumstances
Death of a beneficiary or executor
Relocating to another state, as estate laws may differ
Experts generally recommend reviewing estate planning documents every three to five years or whenever a significant life event occurs.
Beyond Assets: Leaving a Meaningful Legacy
Legacy isn't measured solely by financial wealth.
Many people choose to leave charitable gifts, support organizations they care about, preserve family traditions, or provide guidance through personal letters alongside their wills. These thoughtful decisions can have a lasting impact on future generations.
Estate planning is ultimately about ensuring your values, priorities, and intentions continue to make a difference long after you're gone.
Start the Conversation Today
National Make-A-Will Month is an ideal opportunity to begin conversations that many families tend to postpone. While discussing estate planning may feel uncomfortable, having these conversations now can provide peace of mind for everyone involved.
Whether you're just starting your financial journey or preparing for retirement, taking time to create—or update—your will is one of the most meaningful gifts you can leave behind.
Remember, protecting your legacy isn't only about what you leave; it's about making life easier for those you care about most.
References
American Bar Association. (n.d.). Estate Planning FAQs. https://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/
Consumer Financial Protection Bureau. (n.d.). Managing Someone Else's Money. https://www.consumerfinance.gov/consumer-tools/managing-someone-elses-money/
Internal Revenue Service. (2025). Frequently Asked Questions on Estate and Gift Taxes. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-estate-taxes
AARP. (2025). Estate Planning: Wills, Trusts, and Other Essential Documents. https://www.aarp.org/money/investing/info-2023/estate-planning-guide.html
Caring.com. (2025). 2025 Wills and Estate Planning Study. https://www.caring.com/caregivers/estate-planning/wills-survey/
