August is National Make-a-Will Month. It is a month dedicated to raising awareness about the benefits and importance of estate planning for you, your family, and the causes you are passionate about.
Almost 67% of Americans do not have a will currently. Not having a will means that the distribution of their assets in event of disability or death, will be up to others, including the state.
Here are three key reasons for creating a will if you don’t already have one:
- It is an essential document to possess, regardless of the size of your assets, and protects your loved ones in the event of your passing.
- It avoids family conflicts and creates ease for them as they are not burdened with finding people who can receive your items which can be as small as books or your collection of records. On the contrary, a will ensures that you bequeath the right items to the right people.
- Creates a legacy that extends beyond your lifetime. A simple way of carrying out sadaqa-e-jaariya and ensuring that you continue to create an impact in society is by leaving a bequest in your will. A bequest is a sentence in your will that states the amount you would like to bequeath to a charity. Bequests may include cash, stocks, or other types of property, such as artwork, or real estate.
OBAT is currently set up to receive cash or stock bequests only. Please consult your attorney on how to include a bequest in your estate plan or will and to be aware of the tax consequences of making a legacy gift.
Please click here for some sample language that can be included in your will.
Making a will does not have to be a complex, costly endeavor and can also be done online instead of through the traditional route of attorneys.
Here are some suggested online resources:
- www.trustandwill.com
- www.freewill.com/nonprofits
- www.nolo.com
There are several ways to carry out estate planning and make planned gifts, the easiest being by the creation of a will.
Please click here for the different ways in which you can carry out estate planning.