Where There’s a Will, There’s a Way: Why Wills Matter
It’s a new year – a time for reflection, resolutions and rejuvenation. We find ourselves setting goals and making plans for the next twelve months: “Exercise more.” “Save more money.” “Take up pickleball.” As uncomfortable, morbid or depressing as it may sound (perhaps even the antithesis of a happy new year), you may want to consider including “Make a will” in your laundry list of goals and plans.
According to a 2024 survey conducted by Caring.com, 64% of Americans say having a will is important – but fewer than 32% have one. And 35% of people say they don’t have a will because they don’t have enough assets to leave anyone but have children under the age of 18.
So, once you’ve gotten comfortable with the discomfort of contemplating your own mortality and allowed pragmatism to take over, where do you begin? It is highly recommended that you seek out trusted professional advisors – such an estate attorney, financial advisor or an accountant. These professionals can help to make the transfer of your assets as seamless and financially savvy as possible. And in helping you draft a will and talking you through your decisions about your property, these professional advisors can help you establish a more comprehensive estate plan. That plan may include naming your favorite charitable organization (like Duke!) in your estate plan or as a primary or contingent beneficiary of your retirement accounts, life insurance policies, or annuities. Doing so may allow you to make a larger charitable gift, as income and estate taxes may be reduced when assets are given to a charity through an estate plan or a beneficiary designation.
There are many other elements to consider when making a will, such as assets transferred by deed or title (which a will or estate plan may not legally be able to override); significant life events such as divorce, death of a spouse or beneficiary, remarriage, or catastrophic injury or illness; substantial change in net worth; moving to a different state or country; having children; and the ever-changing tax laws, just to name a few. The beauty of a will is that it can be changed over time so that it accurately reflects your vision for your legacy. But it is crucial to undertake review of your will (and your overall estate plan) from time to time, to make sure it aligns with your current life circumstances.
Why do wills matter? Irrespective of the size of your estate, having a will allows you to control how, where and to whom you want your property to be distributed when you pass away. And because you, as the owner of your property, are the one making those decisions during life and formalizing those determinations in a legal document, your family will have clear instructions on what to do with your assets after you have passed. This will minimize (if not prevent) conflict and confusion among your loved ones and will maximize your ability to control the future of your property and ensure your assets go to the people and places nearest and dearest to you.
Simply put, where there’s a will, there’s a way.
Whether through a will, a trust, or beneficiary designation, your gift can make a lasting impact at Duke. For more information about ways to include 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 available to work with you and your advisors.
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