When you think of August, what comes to mind? Hot, sticky days, back-to-school sales and … National Make-a-Will Month?
I know, thinking about dying isn’t on your summer mood board — or anyone’s. A recent survey shows only 24% of Americans have a will in 2025, according to Caring.
But not making a will won’t magically stop death. We try to push it away with all the serums and vitamins and a good workout routine, but it will come. And when it does, you want your family to be in the best position possible so they can grieve without dealing with a messy estate. Think of it as your final “I love you!”
Wills Aren’t Just for Rich, Married People
Whatever stage of adult life you’re at — no matter your net worth — you need a will. Whether you’re married or so single you’re ready to sign up for the next season of “Love is Blind” — you have something you’ll leave behind and loved ones who’ll have to sort it out.
It should be obvious that if you have kids, you need a will. After all, this is the legal tool you use to make sure your kids are taken care of if something happens to you. But that same survey showed the largest cohort of people without a will are parents with kids under 18!
Guys, this is not okay. That means a big chunk of parents today are going to let the state decide what happens to their kids if they die. As a mom of three, this gives me anxiety to think about.
What About a Trust?
Trusts are an important estate planning tool too, but they’re generally more complicated and better for complex or large estates (think someone who owns a business and property in multiple states).
Some big differences between wills and trusts include:
- Wills are cheaper, while trusts can cost thousands of dollars.
- Wills go into effect after you’re gone, while the most popular trust — a living trust — goes in force while you’re still alive.
- Wills almost always go through probate, which means your estate becomes public knowledge, but trusts can help you avoid probate.
- Wills can name guardians for your kids, while trusts can’t.
There’s a simple rule of thumb for whether you need a trust: If your net worth is under a million dollars, you generally don’t need one.
An exception to that rule is if you have kids. Anyone with dependents under 18 will need to create a testamentary trust and a will. (Before your eyes start to cross, let me tell you there are easy online will products that give you both.) Another exception would be if you had someone like a special needs child you needed to provide for.
Making a will doesn’t have to be hard
Making a will might sound worse than a dentist appointment (at least you know how to make a dentist appointment), but it doesn’t have to be. You’ve got options.
You can pay an estate attorney to draw up a will for you. This is a good choice for anyone with a complicated situation like a business owner or someone with a blended family.
Then there’s an online will option. They’re easy to get and cost way less than working with an attorney — but don’t let that fool you. These things are legit. You can create a really solid estate plan with an online will.
They’re great for people with a net worth less than $1 million and a straightforward family situation, including singles, couples with kids and older couples with grown kids.
The biggest differences between having an attorney draft your will and getting one online are cost and time. Attorney-drafted wills start around $300 and quickly go up from there. With an online will, you really won’t pay more than $300, and it’s often less.
The other consideration is time. Using an attorney will take longer. You’ll need to find a reputable lawyer and make at least one visit to their office. With an online will, you can get your estate plan set up in less than an hour plus the time it takes to get your will notarized.
The post Here’s why everyone over the age of 18 needs a will appeared first on KTAR.
