August is Make-A-Will Month, a reminder to create a will or update your current one. Every adult needs a will regardless of age or how many assets you have. Your will is an important and powerful document: it ensures that your belongings end up where you want them to go, while providing the people you care about with peace of mind and instructions during a vulnerable time. A will also offers the opportunity to make a gift to the charitable organizations that you value most.

Without a will, the state may decide where your hard-earned and most cherished assets go. If you don’t have a will or have been meaning to update your current will, now’s the time to do so. Below are a few tips to help you get started:

• Take inventory of your assets – This includes bank accounts, retirement savings, property, etc., as well as priceless items like family heirlooms. Then consider who you would like these items to go to. Gifts can be made to people and organizations that you care about.
• Plan for those in your care – Whether you are the guardian of a loved one, the primary caregiver for a spouse or partner, or have a beloved pet, make a plan for who will care for them when you can no longer do so. It is important to discuss your wishes with the person(s) you identify to ensure they are both prepared and willing to take on caregiving responsibilities.
• Identify an executor – Consider the person that is most capable of settling your estate. This is not always your oldest child or even a family member. Have a conversation with the person you’d like to appoint as executor to get their agreement.
• Communicate your plans – Make sure that your executor has a copy of your will and attorney’s contact information. It’s also very helpful to familiarize your executor with your affairs. MemoryBanc is a useful resource to help stay organized.

While you are looking at your will, take a moment to create or update your health care directive and medical proxy, as well as your financial power of attorney. These legal documents are vital to ensuring that your wishes are carried out in the event you are unable to make decisions on your own.

Interested in including NNV in your will? Join NNV’s Legacy Society and enjoy the satisfaction of knowing that your neighborhood Village will continue to foster a strong and vibrant community that enables older adults to thrive. Please visit our website to learn more about making a legacy gift. If you do include a gift for NNV, we hope you will let us know.

Need help getting started? NNV members can contact the office at info@nnvdc.org or 202-935-6060 to request a list of estate attorneys in the area.