{"id":82398,"date":"2024-12-23T06:00:00","date_gmt":"2024-12-23T12:00:00","guid":{"rendered":"https:\/\/www.success.com\/?p=82398"},"modified":"2024-12-14T22:49:47","modified_gmt":"2024-12-15T04:49:47","slug":"what-to-consider-when-making-a-will","status":"publish","type":"post","link":"https:\/\/www.success.com\/what-to-consider-when-making-a-will\/","title":{"rendered":"What to Consider When Making a Will\u2014and the Difference Between a Will and a Living Will"},"content":{"rendered":"\n

Last month, I was prepared for challenges at the Seafire Wellness Festival in Grand Cayman in the Cayman Islands. An ice bath was on the agenda and seemed like the ultimate test\u2014a freezing plunge promising to push my physical and mental limits.<\/p>\n\n\n\n

But the real shock came during a financial wellness<\/a> session. When the speaker asked who in the room had a will, I flushed with embarrassment. I pride myself on being financially responsible\u2014I check my credit score regularly, keep a detailed budget and even have an emergency fund. Yet, here was a glaring blind spot I’d somehow overlooked. I scanned the room, feeling exposed. A will: such a fundamental piece of financial adulting, and somehow, it had completely slipped past me.<\/p>\n\n\n\n

As it turns out, I’m not alone in this oversight. Caring.com’s 2024 Wills and Estate Planning Survey<\/a> reveals a startling truth: Only about one-third of U.S. adults have a will. Most people avoid it because it feels like navigating a legal minefield, but that doesn’t make the need less urgent. Creating a will isn’t a luxury for the wealthy\u2014it’s a protective measure for those we love.<\/p>\n\n\n\n

The psychology of avoidance<\/strong><\/h2>\n\n\n\n

I\u2019m not unique in hesitating. Estate planning<\/a> can trigger deep anxieties. \u201cMany people avoid estate planning because it forces them to confront their own mortality, which can be uncomfortable,\u201d says Dana Blue, estate planning attorney.<\/p>\n\n\n\n

This discomfort runs deeper than simple procrastination. \u201cA lot of people notoriously struggle to think about their future selves and underestimate how quickly time passes,\u201d says Aja Evans, a financial therapist. \u201cAvoiding the topic of eventual death is very common. People don\u2019t want to think about it or talk about it and feel like that is a future problem versus something that we all know will happen eventually.\u201d<\/p>\n\n\n\n

Evans emphasizes that estate planning often stirs up powerful emotions like fear, worry, stress and concern\u2014feelings that can stop us from taking action. Yet overcoming that discomfort rewards us with peace of mind. <\/p>\n\n\n\n

\u201cKnowing that your wishes have been made known\u2026 [can] give peace of mind and can lessen anxiety about what will happen after you pass away,\u201d Evans says.<\/p>\n\n\n\n

Blue points out that younger adults and unmarried individuals often convince themselves that wills are for someone else\u2014older, richer, closer to the end. For those caught in the squeeze of the \u201csandwich generation<\/a>,\u201d juggling kids and aging parents, estate planning can feel like just another task on an endless to-do list.<\/p>\n\n\n\n

Yet Blue stresses that estate planning isn\u2019t about wealth\u2014it\u2019s about ensuring your wishes are honored. \u201cIt\u2019s about providing peace of mind for yourself and your loved ones,\u201d she says. \u201cIt\u2019s a proactive act of love and responsibility.\u201d<\/p>\n\n\n\n

Will vs. living will: What\u2019s the difference?<\/strong><\/h2>\n\n\n\n

Two essential documents anchor any estate plan: a will and a living will. While they\u2019re often confused, their purposes are distinct.<\/p>\n\n\n\n

\u201cA will outlines how your assets will be distributed after death and appoints the persons who will manage your affairs, such as executors, trustees and guardians for minor children,\u201d explains Elizabeth Candido Petite, a partner specializing in trusts and estates. \u201cA living will, on the other hand, specifies your wishes for medical treatment if you\u2019re alive but incapacitated.\u201d<\/p>\n\n\n\n

Petite emphasizes that young adults, especially those who travel often or participate in high-risk activities, should prioritize creating a living will, as it \u201ccan ensure your medical preferences are honored regardless of where you are,\u201d she says. Advance directives, which appoint someone to make medical decisions on your behalf, are also crucial.<\/p>\n\n\n\n

Together, a will and living will ensure both your health and financial affairs are managed according to your wishes\u2014even if you\u2019re unable to make decisions yourself.<\/p>\n\n\n\n

Sorting through digital assets<\/strong><\/h2>\n\n\n\n

Estate planning has grown more complex and now encompasses more than bank accounts and property.<\/p>\n\n\n\n

\u201cPeople often overlook digital assets, such as online accounts, cryptocurrency<\/a> and intellectual property,\u201d Blue explains. As our lives become more digital, these assets should also be considered in estate plans. What do you want to do with your online legacy?\u00a0<\/p>\n\n\n\n

Petite adds, \u201cWills must now include provisions for the transfer or management of digital assets, including secure ways to share keys for cryptocurrency wallets.\u201d For digital entrepreneurs, this extends to e-commerce revenue streams or monetized content. Without proper planning, families could lose access to significant financial and sentimental assets.<\/p>\n\n\n\n

By incorporating digital assets into a will, you ensure everything\u2014from social media accounts to digital currencies\u2014is managed according to your wishes.<\/p>\n\n\n\n

When should you start estate planning?<\/strong><\/h2>\n\n\n\n

Blue and Petite agree that estate planning should begin with financial independence. Blue advises starting simple: \u201cEveryone should have a last will and testament once they are legally an adult, especially if they own property, have dependents or [have] significant savings.\u201d<\/p>\n\n\n\n

She also highlights key life triggers for creating or updating a will, such as marriage, the birth of a child or acquiring significant assets. \u201cFor young adults, the focus might be on simple instructions, but the complexity should grow with life events,\u201d she notes.<\/p>\n\n\n\n

Once you have your will, periodic updates are also important. Blue recommends reviewing your will every three to five years or after significant life changes to ensure it reflects your current circumstances.<\/p>\n\n\n\n

Overcoming barriers<\/strong><\/h2>\n\n\n\n

The biggest obstacle to estate planning is often the perception that it\u2019s too expensive or complicated. Blue dispels this myth: \u201cMany believe creating a last will and testament is prohibitively expensive or only for the wealthy. In reality, an attorney can help craft a tailored plan at a reasonable cost. A will prepared by an attorney is typically 1% or less of one\u2019s total assets.\u201d<\/p>\n\n\n\n

The other obstacle? Starting the conversation. The topic around creating wills can be delicate, but the holidays can be a good opportunity to start those conversations in a more supportive setting. <\/p>\n\n\n\n

Considering how difficult it can be to make sure everything is in line financially while you\u2019re grieving, it\u2019s helpful to frame it as a way to protect and care for one another.<\/p>\n\n\n\n

\u201cUsing \u2018I\u2019 statements to lead with what you\u2019re feeling and thinking about can be very helpful,\u201d Evans says. \u201cExpress to [loved ones] why this is important to you and to the family\u2026. Making sure everyone is on the same page and that their legacy is being honored as they wished is the most important.\u201d<\/p>\n\n\n\n

Photo from Amnaj Khetsamtip\/Shutterstock.com<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Last month, I was prepared for challenges at the Seafire Wellness Festival in Grand Cayman in the Cayman Islands. An ice bath was on the agenda and seemed like the ultimate test\u2014a freezing plunge promising to push my physical and mental limits. But the real shock came during a financial wellness session. When the speaker […]<\/p>\n","protected":false},"author":32327,"featured_media":82399,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"ub_ctt_via":"","footnotes":""},"categories":[14060],"tags":[],"class_list":["post-82398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"featured_image_src":"https:\/\/www.success.com\/wp-content\/uploads\/2024\/12\/SOnline24_WebEx_Iona-Brannon_What-to-Consider-When-Making-a-Will-2.jpg","author_info":{"display_name":"Iona Brannon","author_link":"https:\/\/www.success.com\/author\/iona-brannon\/"},"yoast_head":"\nWhat to Consider When Making a Will | SUCCESS<\/title>\n<meta name=\"description\" content=\"Making a will is easier than you think. 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An ice bath was on the agenda and seemed like the ultimate test\u2014a freezing plunge promising to push my physical and mental limits.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But the real shock came during a <a href=\"https:\/\/www.success.com\/financial-therapist-on-finance-anxiety\/\">financial wellness<\/a> session. When the speaker asked who in the room had a will, I flushed with embarrassment. I pride myself on being financially responsible\u2014I check my credit score regularly, keep a detailed budget and even have an emergency fund. Yet, here was a glaring blind spot I'd somehow overlooked. I scanned the room, feeling exposed. A will: such a fundamental piece of financial adulting, and somehow, it had completely slipped past me.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As it turns out, I'm not alone in this oversight. <a href=\"https:\/\/www.caring.com\/caregivers\/estate-planning\/wills-survey\/\" target=\"_blank\" rel=\"noreferrer noopener\">Caring.com's 2024 Wills and Estate Planning Survey<\/a> reveals a startling truth: Only about one-third of U.S. adults have a will. Most people avoid it because it feels like navigating a legal minefield, but that doesn't make the need less urgent. Creating a will isn't a luxury for the wealthy\u2014it's a protective measure for those we love.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-the-psychology-of-avoidance\"><strong>The psychology of avoidance<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>I\u2019m not unique in hesitating. <a href=\"https:\/\/www.success.com\/do-i-need-an-estate-plan\/\">Estate planning<\/a> can trigger deep anxieties. \u201cMany people avoid estate planning because it forces them to confront their own mortality, which can be uncomfortable,\u201d says Dana Blue, estate planning attorney.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This discomfort runs deeper than simple procrastination. \u201cA lot of people notoriously struggle to think about their future selves and underestimate how quickly time passes,\u201d says Aja Evans, a financial therapist. \u201cAvoiding the topic of eventual death is very common. People don\u2019t want to think about it or talk about it and feel like that is a future problem versus something that we all know will happen eventually.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Evans emphasizes that estate planning often stirs up powerful emotions like fear, worry, stress and concern\u2014feelings that can stop us from taking action. Yet overcoming that discomfort rewards us with peace of mind. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cKnowing that your wishes have been made known\u2026 [can] give peace of mind and can lessen anxiety about what will happen after you pass away,\u201d Evans says.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Blue points out that younger adults and unmarried individuals often convince themselves that wills are for someone else\u2014older, richer, closer to the end. For those caught in the squeeze of the \u201c<a href=\"https:\/\/www.success.com\/5-survival-tips-for-the-sandwich-generation\/\">sandwich generation<\/a>,\u201d juggling kids and aging parents, estate planning can feel like just another task on an endless to-do list.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Yet Blue stresses that estate planning isn\u2019t about wealth\u2014it\u2019s about ensuring your wishes are honored. \u201cIt\u2019s about providing peace of mind for yourself and your loved ones,\u201d she says. \u201cIt\u2019s a proactive act of love and responsibility.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-will-vs-living-will-what-s-the-difference\"><strong>Will vs. living will: What\u2019s the difference?<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Two essential documents anchor any estate plan: a will and a living will. While they\u2019re often confused, their purposes are distinct.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cA will outlines how your assets will be distributed after death and appoints the persons who will manage your affairs, such as executors, trustees and guardians for minor children,\u201d explains Elizabeth Candido Petite, a partner specializing in trusts and estates. \u201cA living will, on the other hand, specifies your wishes for medical treatment if you\u2019re alive but incapacitated.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Petite emphasizes that young adults, especially those who travel often or participate in high-risk activities, should prioritize creating a living will, as it \u201ccan ensure your medical preferences are honored regardless of where you are,\u201d she says. Advance directives, which appoint someone to make medical decisions on your behalf, are also crucial.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Together, a will and living will ensure both your health and financial affairs are managed according to your wishes\u2014even if you\u2019re unable to make decisions yourself.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-sorting-through-digital-assets\"><strong>Sorting through digital assets<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Estate planning has grown more complex and now encompasses more than bank accounts and property.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cPeople often overlook digital assets, such as online accounts, <a href=\"https:\/\/www.success.com\/cryptocurrency-bitcoin-rise\/\">cryptocurrency<\/a> and intellectual property,\u201d Blue explains. As our lives become more digital, these assets should also be considered in estate plans. What do you want to do with your online legacy?\u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Petite adds, \u201cWills must now include provisions for the transfer or management of digital assets, including secure ways to share keys for cryptocurrency wallets.\u201d For digital entrepreneurs, this extends to e-commerce revenue streams or monetized content. Without proper planning, families could lose access to significant financial and sentimental assets.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>By incorporating digital assets into a will, you ensure everything\u2014from social media accounts to digital currencies\u2014is managed according to your wishes.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-when-should-you-start-estate-planning\"><strong>When should you start estate planning?<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Blue and Petite agree that estate planning should begin with financial independence. Blue advises starting simple: \u201cEveryone should have a last will and testament once they are legally an adult, especially if they own property, have dependents or [have] significant savings.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>She also highlights key life triggers for creating or updating a will, such as marriage, the birth of a child or acquiring significant assets. \u201cFor young adults, the focus might be on simple instructions, but the complexity should grow with life events,\u201d she notes.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Once you have your will, periodic updates are also important. Blue recommends reviewing your will every three to five years or after significant life changes to ensure it reflects your current circumstances.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\" id=\"h-overcoming-barriers\"><strong>Overcoming barriers<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The biggest obstacle to estate planning is often the perception that it\u2019s too expensive or complicated. Blue dispels this myth: \u201cMany believe creating a last will and testament is prohibitively expensive or only for the wealthy. In reality, an attorney can help craft a tailored plan at a reasonable cost. A will prepared by an attorney is typically 1% or less of one\u2019s total assets.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The other obstacle? Starting the conversation. The topic around creating wills can be delicate, but the holidays can be a good opportunity to start those conversations in a more supportive setting. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Considering how difficult it can be to make sure everything is in line financially while you\u2019re grieving, it\u2019s helpful to frame it as a way to protect and care for one another.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u201cUsing \u2018I\u2019 statements to lead with what you\u2019re feeling and thinking about can be very helpful,\u201d Evans says. \u201cExpress to [loved ones] why this is important to you and to the family\u2026. Making sure everyone is on the same page and that their legacy is being honored as they wished is the most important.\u201d<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"small\"} -->\n<p class=\"has-small-font-size\"><strong><em>Photo from Amnaj Khetsamtip\/Shutterstock.com<\/em><\/strong><\/p>\n<!-- \/wp:paragraph -->","tag_names":[],"post_attachment_urls":[],"author_email":"ibrannon@mailinator.com","_links":{"self":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/82398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/users\/32327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/comments?post=82398"}],"version-history":[{"count":0,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/posts\/82398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media\/82399"}],"wp:attachment":[{"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/media?parent=82398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/categories?post=82398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.success.com\/wp-json\/wp\/v2\/tags?post=82398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}