Written By: Allison Oberembt, CFP® and Neil Stalter, CFP®, ChFC®, RICP®, CBEC®, CDFA®

August is National Make a Will Month—a timely reminder that one of the most important financial documents often goes overlooked… until it’s too late.

A will isn’t just for the wealthy or elderly. It’s for anyone who wants to determine what happens to their assets, their minor children, and more after they die. Yet nearly two-thirds of adults in the U.S. don’t have one.*

Let’s change that.

What Does a Will Actually Do?

A will puts your wishes in writing. It outlines:

  • Who receives your assets
  • Who will care for your minor children
  • Who is responsible for carrying out your wishes (your executor)

If you pass away without a will, the laws of your state decide what happens. This process—called intestate succession—varies by state and can result in delays, unexpected distributions, and added stress for your loved ones.

Why Life Transitions Make a Will Even More Important

We work with many individuals navigating major life changes including divorce, remarriage, widowhood, growing families, or retirement. During times of transition, having an up-to-date will isn’t just about control—it’s about protecting the people and priorities that matter most.

If your life is changing, your estate plan should reflect that.
And if you’ve never created one? There’s no better time to start.

Common Misconceptions

“I don’t have enough assets to need a will.”
You probably have more than you think: bank accounts, jewelry, a car—even sentimental items. Someone will decide where those go, and it should be you.

“I already told my family what I want.”
That’s a good start, but unless it’s legally documented, your wishes may not be followed.

“Wills are expensive and complicated.”
They don’t have to be. Many people are surprised at how simple the process can be with the right guidance. We can help connect you to professionals who make it easy.

“My will controls everything I leave behind.”
Not always. Beneficiary designations on retirement accounts, life insurance policies, and even some bank accounts override what’s written in your will. That’s why we always recommend reviewing both your estate documents and your account beneficiaries.

How to Get Started

  • Take inventory. What do you own? Who should receive it?
  • Consider guardianship. Who would care for your children or dependents?
  • Choose your people. Executor, guardian, and potentially a trustee.
  • Work with an estate planning attorney. It can be easy to miss key legal nuances with some DIY templates.
  • Keep it updated. Life changes, and so should your plan.

Why a Financial Advisor Matters in Estate Planning

When we help clients with estate planning, our role is to make sure nothing important is overlooked. A will is essential, but it doesn’t cover everything—beneficiary designations, account titling, and assets like retirement accounts or life insurance can override what’s written in it. We review those details with you, coordinate them with your attorney, and help create strategies for tax-efficient wealth transfer and other goals that matter to you. And if you don’t already have an attorney you trust, we can connect you with experienced professionals. The result is a plan that’s legally sound, financially strategic, and truly reflects your wishes.

Final Thoughts

A will isn’t just a legal form—it’s a gift to your loved ones.
It brings clarity, reduces stress, and ensures your voice is heard when it matters most.

Not sure where to start? That’s okay.
We help clients like you take the first step. Schedule a meeting to start the conversation.

*Source: Caring.com 2024 Wills & Estate Planning Study

 

Disclosures

Securities offered through Cetera Wealth Services LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. 900 Prides Crossing, Newark, DE 19713.

Cetera Wealth Services, LLC exclusively provides investment products and services through its representatives. Although Cetera does not provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice.