August is Make a Will month, a reminder to prioritize creating a will for you and your loved one’s protection. Many delay this task because they think it’s only for the wealthy or the elderly, and nothing can be further from the truth. Making a will is for any person who has assets at any stage of his or her life. 

A will, a legally binding document that allocates your assets and appoints heirs and guardians after your death, can save your loved ones time, stress and money. It can also allow you to continue to support your favorite nonprofit(s) once you pass away. 

Consulting with professional advisors such as estate planning attorneys and financial advisors is wise. They understand your unique financial position and specific state requirements, helping you to navigate the complexities of estate planning. 

Creating a will is the first step in estate planning, which also includes a living will (an advanced directive). An estate plan identifies beneficiaries and designates trusted individuals to manage your affairs if you are unable.  A trust, a legal entity for holding and distributing your assets, can also be a part of an estate plan.

An estate plan is a final statement of your values, ensuring your wishes are fulfilled and provides financial support for the causes you care about. The Community Foundation of Anne Arundel County can work with you and your professional advisors to ensure your charitable goals are met. With careful planning, you can enjoy retirement, provide for your loved ones, and leave what you wish to charity.  

CFAAC offers a guide that can help you begin to think about your estate planning or to update existing plans. Call our Director of Gift Planning John Rodenhausen at 410.280.1102 x 103 or email him at john@cfaac.org for more information or to schedule a free consultation.