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“Make a Will” Month Is the Perfect Time to Make a Will

August 24, 2022, Advanced Care Planning, Hospice

“Make a Will” Month Is the Perfect Time to Make a Will

August is National “Make a Will” Month, and as an organization committed to advance care planning, Gilchrist is encouraging everyone to make a will. A will is another important tool to document your wishes and save your loved one’s time, money and stress.

Do I need a will?

We face so many financial obligations every day, so should creating a will be at the top of your list? Most financial experts say yes, you need a will. Even if you don’t have substantial assets to transfer, a will can still help your family feel more confident about your wishes. In addition to making the transfer of assets easier, here are a few benefits of having a will:

  • It allows you to distribute your property and protect your loved ones after you pass away.
  • It can provide peace of mind to you and your family.
  • You can plan for those in your care (e.g., naming a legal guardian for your children or pets).
  • It may prevent family conflict.
  • It can eliminate confusion over assets.
  • It can ensure that your assets go to the people you want to have them.
  • It can help you build a lasting legacy.
  • You can use your will to benefit charity.

Making a will can be easy and there are many resources online to help you, or you may want to seek the advice of a trusted legal advisor, especially if your personal situation is complex or you want to learn about a tax-smart option.

What if I already have a will?

You are well prepared if you have already made a will, as it is estimated that 60 percent of Americans have not. But life changes quickly, so financial advisers recommend you review it and update it every five years.

Create your legacy through your will

You can leave a positive impact on the world and support the causes you love most by leaving a charitable contribution, large or small, in your will. When you leave a legacy gift, your estate receives a tax receipt for the full value of the gift, which adds a tax credit to your final income tax return. This can help to maximize the value of your residual estate for your beneficiaries.

Aside from tax incentives, there are many other reasons to leave a legacy gift. Gilchrist was established through a remarkable bequest made by Jeanne Gilchrist Vance on her will. And since then we have been honored to have received additional estate gifts from wonderful supporters as their legacy.

You can learn more about making a legacy gift at https://gilchristlegacy.giftlegacy.com/

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