Do you have a will? Chances are you don't. Various studies show that more than 50 percent of American adults don't. At least half of Americans with children don't have a will or other type of estate plan.
Many people are intimidated by the very idea of creating a will. Who wants to talk about their own death? Others don't see the need. Most of us aren't a Rockefeller or Gates, so who cares what happens to our cars or CD collections after we die?
But an estate is not something that only wealthy people have. You have an estate. Your estate is the combined value of your money and property, and chances are that it is much more expansive than you think. If you haven't specified what happens to that property when you die, then someone you've never met will decide for you.
Maintaining a will is one of the most important things you can do for your family and friends. It is incredibly difficult to grieve properly while families bicker over who gets what, how much this or that is worth, and what your intentions were. If you die without a will, it becomes the responsibility of the government to decide these things. This process is emotional and can be expensive. Life is complex and can be difficult; death can be even more so if you don't have a plan.
A will protects your interests. Your property, your income, your belongings – by default, all of your interests are covered by different rules that can have drastically different outcomes than what you'd like. These days you have digital interests too: your online bank accounts, email accounts, photo albums, social media profiles, blogs, music, PayPal and much more. If you don't establish a method for managing digital assets, you just may have a digital afterlife -- one in which your profile is hacked, risking your friends and family.
A will protects your loved ones. Without a will, you leave all you own and care for in the hands of the government. If you have minor children and are unmarried, the government may choose their guardians. If you have pets, they go to a shelter. If you are single and childless, your property may go to someone you've never even met.
A will expresses your intentions and values. Besides protecting your property, your children and the emotional well-being of your survivors, a will also allows you to protect your community and the causes you care most about long into the future.
You can make provisions in your will to leave part of your estate to a charity, cause or institution that you support. These gifts can be broad or very specific. You can choose to designate that a gift be used for a general or specific purpose, giving you the peace of mind knowing that your gift will be used as intended.
Making a plan isn't necessarily that burdensome or expensive. There are many resources available for will writing. And we're bringing them to you.
The Salvation Army is one of many partners and sponsors joining the Alaska chapter of the Association of Fundraising Professionals to host Wills Week, May 9-13. During Wills Week we will bring professionals from various industries together to show you how to make a financial plan that benefits your family, your community and your favorite charity. At three Wills Week events -- open to the public and free of charge -- we will demonstrate how you can protect your loved ones and express your values by giving to the organizations that you care about most.
Common issues like what documents you need, how to talk to your at-risk family members about financial planning, and other important questions will be addressed during Wills Week. We are very happy to be able to bring this information to Alaskans and hope you'll join us at Wills Week, May 9-13.
For more information please visit http://www.alaskawillsweek.org/.
Thomas Brown is the communications manager for The Salvation Army Alaska Division. The Salvation Army has been in Alaska since 1898 and has a presence in 18 communities around the state. More information can be found online:http://www.salvationarmyalaska.org/.
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