August is National Make-A-Will Month, which is a good time to start thinking about making a legal will or considering an estate plan. According to Caring.com’s 2022 Wills Survey more than 50% of Americans think having a will is somewhat important but only 33% have a will or living trust.
According to the survey, one of the main reasons respondents (1 out of 3 respondents) state for not having a will is they don’t believe they have enough assets to leave behind. However, estate planning isn’t just for the wealthy and includes more than just your assets. Every adult should have a plan in place for their needs and their family’s needs.
The pandemic may have increased people’s interest in making a will because the survey found that Americans who have had a serious case of COVID-19 are 66% more likely to have a will than those who have not. And, since the beginning of the pandemic, the number of 18-34 year olds with estate planning documents has increased by 50%. Despite the pandemic, however, 2 out of 3 American adults still do not have a will.
Estate planning is also used to create planned gifts, which are when you contribute assets, through an estate plan, to a nonprofit or organization you wish to support. Charitable giving such as this can be an important part of an estate plan.
The Grand Rapids Area Community Foundation (GRACF) has been connecting donors’ charitable intentions to community needs for over 25 years to make our Greater Itasca Area – and the world – a better place to live. We can assist with questions you may have about planned or charitable giving in the Greater Itasca Area. For information, please visit our website at www.gracf.org or call GRACF at (218) 999-9100.