August is Make-a-Will Month—a timely reminder for Harvard alumni and friends like you to take the first step in writing your will or to review your estate plans to ensure they reflect your wishes. Here are three key reasons to create a will, one of the most important actions you can take for yourself and your loved ones, regardless of your age or financial situation.
A will is an essential legal document for everyone—no matter your age, status, or net worth.
Many people mistakenly believe that only those with significant wealth or older individuals need a will. In reality, a will is an essential legal tool that lets you document your wishes clearly, ensuring that your assets are distributed according to your intentions. It’s relevant whether you own a house, multiple properties, or only a few treasured personal possessions; whether you’re childfree or a proud grandparent; and whether you’re entering the job market or preparing for retirement.
Anyone who wants a say in what happens to what they leave behind needs these wishes documented in a will. Don’t leave important decisions to state probate law—put your intentions in writing. And remember to update your plans during important life transitions, such as getting married, expanding your family, or buying property.
Tip: Ensure you also have beneficiaries in place for your retirement accounts, life insurance policies, and other financial accounts. Unlike items in your will, these designations pass to beneficiaries outside of probate.
Making a will provides peace of mind for you and your loved ones.
One of the greatest gifts you can give your loved ones is clarity and certainty during a difficult time. With a valid will in place, your loved ones will have clear guidance on the individuals and organizations you would like to provide for, which can avoid unnecessary legal hurdles or disputes. Planning ahead relieves family and friends of the burden of guessing your wishes, and it allows you to appoint trusted individuals to manage your estate and care for any dependents—including pets! This crucial preparation provides confidence and comfort so you and those you care about can be certain that important details are taken care of.
Tip: While it can be hard to talk about finances or death with loved ones, reviewing your plans with your family during your lifetime gives everyone a chance to ask questions and understand one another, which can reduce or eliminate conflict about your estate after your passing.
Your will is an opportunity to create an enduring legacy.
A will is more than a legal document; it’s a chance to tell your story and give back to the communities and causes that matter most to you. From your alma mater to hospitals, animal shelters, or your local food bank, estate gifts can make a large and lasting impact. Many Harvard alumni choose to leave gifts of all sizes in their estate plans, supporting future generations of students, research, and innovation. By planning today, you can help shape the future of the organizations that mean the most to you, while honoring your personal values and priorities. Plus, an estate gift is a flexible way to provide future support while retaining assets during your lifetime.
Tip: As with your loved ones, make sure charities you place in your will know about your plans to make a gift. Sharing this during your lifetime will help charities ensure your gift is used how you intend and may help them receive the gift sooner after your passing. And, at Harvard and many other organizations, bequest intentions make you a part of a dedicated community of other legacy donors.
This Make-a-Will Month, take 30 minutes to reflect on your legacy and the peace of mind that thoughtful planning provides. To support you, we invite you to request our free Estate Planning Kit through Harvard Gift Planning’s online form—no strings attached. If you would like to discuss how you can make a lasting difference through an estate gift or explore other creative ways to give, please contact Harvard Gift Planning at giftplanning@harvard.edu or 800-446-1277.