Understanding Wills: What You Need to Know
Hey Y'all,
Happy whatever day it is when you’re reading this! Today we’re diving into a topic that might not exactly get the party started, but trust me—it’s crucial for building (and protecting) real wealth.
We’re talking about Last Will & Testaments. Think of them as the foundation of your estate plan, guiding how your assets are passed on and ensuring your loved ones are cared for. After all, legacy building is the new sexy!
We’re talking about Last Will & Testaments. Think of them as the foundation of your estate plan, guiding how your assets are passed on and ensuring your loved ones are cared for. After all, legacy building is the new sexy!
Why a Last Will & Testament Matters
A Last Will & Testament (often just called a “will”) is more than a piece of paper. It’s your voice—ensuring that your hard-earned wealth and cherished possessions go exactly where you want them to go when you’re no longer here. Don’t let the legal lingo fool you: A will is a simple yet powerful tool that can save your family a lot of heartache and potential disputes down the road.
Eye-Opening Facts (Source: AARP)
• 50% of adults in the U.S. don’t have a will at all..
• 72% of adults aged 50+ haven’t updated their wills in the last five years.
• 58% of parents with children under 18 don’t have a will in place.
• 72% of adults aged 50+ haven’t updated their wills in the last five years.
• 58% of parents with children under 18 don’t have a will in place.
These stats are pretty alarming, especially if you’re looking to build and preserve generational wealth. If you don’t have a will—or if yours is outdated—you’re essentially leaving big decisions to the default laws of your state.
The Benefits of Having a Will
1. Ensuring Your Wishes Are Honored
If you don’t specify what happens to your assets, the state’s laws will do it for you. Spoiler alert: That may not match your wishes.
2. Protecting Your Loved Ones
Have dependents? Naming guardians for your minor children in your will means you decide who cares for them if something happens to you.
3. Minimizing Conflicts
We’ve all heard stories about families torn apart over inheritance. A properly drafted will reduces drama by clearly outlining who gets what.
4. Tax Efficiency
Estate taxes can significantly reduce the amount your loved ones actually receive. A will—paired with other estate planning strategies—can help minimize that tax bite.
If you don’t specify what happens to your assets, the state’s laws will do it for you. Spoiler alert: That may not match your wishes.
2. Protecting Your Loved Ones
Have dependents? Naming guardians for your minor children in your will means you decide who cares for them if something happens to you.
3. Minimizing Conflicts
We’ve all heard stories about families torn apart over inheritance. A properly drafted will reduces drama by clearly outlining who gets what.
4. Tax Efficiency
Estate taxes can significantly reduce the amount your loved ones actually receive. A will—paired with other estate planning strategies—can help minimize that tax bite.
Five Simple Steps to Creating a Will
1. Asset Inventory
Make a list of everything you own: real estate, bank accounts, investments, personal possessions—every asset matters. This list forms the groundwork of your will.
2. Beneficiary Designations
Decide who inherits which assets. Be as specific as possible, especially for items of sentimental or high financial value.
3. Name an Executor
Pick someone you trust to carry out your instructions. This is the person who’ll manage your estate and ensure your wishes are met.
4. Guardianship for Minor Children
If you have young children, this step is vital. Formally naming a guardian in your will removes uncertainty and keeps them in loving hands.
5. Review and Signing
After drafting, go through it line by line—preferably with an attorney. Then sign it with the required witnesses and follow your state’s legal guidelines.
Make a list of everything you own: real estate, bank accounts, investments, personal possessions—every asset matters. This list forms the groundwork of your will.
2. Beneficiary Designations
Decide who inherits which assets. Be as specific as possible, especially for items of sentimental or high financial value.
3. Name an Executor
Pick someone you trust to carry out your instructions. This is the person who’ll manage your estate and ensure your wishes are met.
4. Guardianship for Minor Children
If you have young children, this step is vital. Formally naming a guardian in your will removes uncertainty and keeps them in loving hands.
5. Review and Signing
After drafting, go through it line by line—preferably with an attorney. Then sign it with the required witnesses and follow your state’s legal guidelines.
Do You Really Need an Attorney?
You can make a basic will without a lawyer, and many DIY solutions exist. However, if your financial situation is complex—or if you just want peace of mind—consulting an attorney is a smart move. At L.A. Mason & Associates, we offer resources and guidance to ensure your will is legally sound and up to date with IRS and state-specific requirements.
Take Control of Your Legacy Today
Building generational wealth isn’t just for the ultra-rich or for folks in their golden years. It’s for anyone who wants to protect their future, nurture the next generation, and leave a meaningful legacy. Your will is the bedrock of that plan.
Ready to get started?
• Step 1: Sign up for our #30DayLegacy Challenge and gain access to our free Estate Planning Checklist.
• Step 2: Head to our Shopify Store and purchase your Estate Plan Package (enjoy 15% off for a limited time!).
• Step 3: Join us for our Money Monday blog series where we dive deeper into estate planning, taxes, and wealth-building strategies.
• Step 2: Head to our Shopify Store and purchase your Estate Plan Package (enjoy 15% off for a limited time!).
• Step 3: Join us for our Money Monday blog series where we dive deeper into estate planning, taxes, and wealth-building strategies.
Don’t wait—every day you postpone is another day you risk leaving important decisions up in the air. Secure your financial future by taking that first step.
Keep Living!
And remember: A will isn’t just a document; it’s the promise that your hard work lives on for the people and causes you care about most. If you have questions or need help, we’re here to guide you every step of the way.
Join the #30DayLegacy and get started today!
Stay Woke!
L.A. Mason, Chief Strategist
#30DayLegacy #EstatePlanningIsSexy #BlackLuxury
#BlackGirlMagic #RadicalSelfCare #StayWoke
PS. This journey is easier when we walk it together. Share this with your community because we rise by lifting each other.
#30DayLegacy #EstatePlanningIsSexy #BlackLuxury
#BlackGirlMagic #RadicalSelfCare #StayWoke
PS. This journey is easier when we walk it together. Share this with your community because we rise by lifting each other.