August is National Make a Will Month. We previously shared why having a will is important. If you don’t already have a will or revocable trust in place, now is the time to make arrangements! You can start by making a list of all the assets you own — bank accounts, cryptocurrency accounts, investments, life insurance policies, real estate, and valuables like jewelry, cars, boats, art, and musical instruments. Then, reach out to an estate attorney — preferably someone who has been referred to you by a friend, family member, or trusted advisor — to talk through and formalize your plans. 

National Make a Will Month is also an opportune time to do some “estate planning housekeeping.” For example, if you already have a will in place, take the time to reconfirm it accurately reflects your most up-to-date wishes and assets. Has there been a significant life event warranting changes to your long-term plans? Examples include the birth or adoption of a child, moving to a new state, purchasing a major asset like a boat or home, a change in marital status, or a health or financial setback.  

You’ll also want to make sure the individuals named as executors of your estate are still able and willing to carry out your wishes. And review the beneficiary designations of your retirement accounts, investment accounts and life insurance policies. Because these are non-probate assets, they will transfer directly to the designated beneficiaries upon your death — so you want to make sure you have the right people and/or entities named as beneficiaries.  

 Finally, consider including a charitable organization — like Duke! — in your estate plans. Perhaps you’d like to name your favorite charitable organization (or even multiple charities) as a beneficiary of your traditional, non-Roth retirement account, which may spare your heirs of an otherwise hefty tax burden if they were to inherit that account.  

Celebrate National Make a Will Month by making or reviewing your long-term plans and protect your legacy and loved ones!  

This information is provided with the understanding that neither Duke University nor the authors are providing legal, accounting or other professional advice or counsel. Please consult your personal counsel about the financial, tax and legal implications of any gift.  

SHAPE YOUR LEGACY 

Whether through a will, trust or beneficiary designation, your gift can make a lasting impact at Duke. To learn more about including Duke in your long-term plans, contact the Office of Gift Planning at (919) 681-0464 or giftplanning@duke.edu. Our charitable planning professionals are here to work with you and your advisors. 

About the author

Erika Estrada Boden ’03, J.D.

erika.boden@duke.edu

As Associate Director of Gift Planning, Erika helps donors navigate the legal and tax considerations of making charitable gifts to Duke. Before joining Duke’s Gift Planning team, she spent more than 15 years as an in-house entertainment transactional attorney for major Latin American and U.S. Hispanic-focused media companies in Miami, Florida. Erika holds both a J.D. and a master’s degree in Sports Administration from St. Thomas University and earned dual undergraduate degrees from Duke. A Durham native, she is thrilled to be back in the Bull City, where she lives with her husband and two daughters.