August is Make-A-Will Month

Most people put off estate planning because it feels heavy. Nobody wants to sit down and think about a future where they are not around. But a will and your beneficiary forms are not really about you. They are about the people you love and the decisions you want made on their behalf when you cannot make them yourself.

More families are facing this without a plan. Blended families, aging parents, children from a first marriage, a business built from scratch. Life today looks different than it did a generation ago, and the paperwork most people have often does not reflect that.

A few numbers worth sitting with

AARP research has found that roughly a third of American adults have a will. That number drops lower for people under 45. Meanwhile more families are managing wealth across generations, more people are remarrying or raising blended families, and more retirement accounts are passing through beneficiary designations that have not been touched in years.

When two documents disagree

If your will was written before a divorce, a remarriage, a new grandchild, or a career change, it may no longer reflect what you actually want.

And if you have not checked your TSP, life insurance, or IRA beneficiary forms recently, those forms, not your will, usually decide who receives that money. Two documents, two different sets of instructions, one confused family.

What planning ahead actually does

It gives the people you leave behind clear direction instead of guesswork. It can help your estate avoid unnecessary delays. And it puts your voice in the room for decisions about your children, your assets, and your care, even when you are not there.

If it has been a while since you looked at your will or your beneficiary forms, or if you have never had either reviewed, this is a good time to change that.

Business owners: read the buy-sell and key-person planning guide.

Source: AARP estate planning survey data on will ownership among adults. Life Capitalized Financial does not provide legal advice or draft estate documents. Work with a qualified estate attorney.

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This is educational information, not personal advice. Figures and program rules cited reflect the date of publication and can change. Consult qualified tax, legal, and financial professionals about your own situation.

Investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member SIPC, www.htk.com. Life Capitalized Financial LLC is not affiliated with HTK. The material is not intended to be a recommendation, offer or solicitation. HTK does not provide legal and tax advice.