If someone in your life needs help setting up a will—a parent, adult child, relative, friend—you have the power to ease their mind now and comfort their loved ones later. Just follow these steps:
Begin by Listening
Remember that this is about their wishes…and their legacy. Start by asking them about the people and causes they value most. Remain patient and reassure them that it’s OK to feel stuck or overwhelmed.
Talk About How You Set Up Your Estate
Pass along insights about what worked for you. Which time-saving tips helped? What would you have done differently? When you talk about your experience, you demystify the process for the person you are helping.
Consider Calling In an Expert
An estate planning attorney ensures all documents are in order and legally valid. There’s a cost, but the peace of mind an attorney offers may be worth the price. If you used an estate planning attorney, share their name and contact information.
Make a List of Assets
Make an inventory of assets, including residence and any other real estate, bank accounts, retirement funds, investment accounts, business interests, life insurance policies (face value), vehicles, annuities and possessions such as furniture, jewelry and collections. Don’t worry about exact amounts. Best estimates are a helpful start.
Decide Guardianship
Who should be entrusted to raise young children, look after an adult child with disabilities or care for pets? It is critical that instructions be clear, especially in complex family situations.
Update Beneficiaries
A will or trust doesn’t cover everything. Assets such as retirement plans, life insurance policies, donor advised funds and commercial annuities use separate beneficiary forms to determine who receives them. Your loved one should verify that they named someone on those forms—and did so recently. (When life changes, such as when a spouse passes away, it’s easy to forget to change beneficiaries.)
Review Asset Titles
Asset titling refers to the way in which an asset is owned, such as in your individual name, jointly with someone else, or in a trust or entity. Remember: If your loved one’s house or another asset is titled with joint tenancy, it will pass directly to the co-owner and won’t go through their will. Encourage your relative or friend to review the titles of their assets with the help of a banker, professional advisor or attorney.
Don’t Forget Favorite Causes
Some people want to use a portion of their estate to benefit an organization or institution they hold close to their heart. A nonprofit such as Texas Parks and Wildlife Foundation (TPWF) can be assigned a percentage of an estate through a will in as little as one sentence (often referred to as “bequest language”). We can also be listed as a beneficiary of all or part of a retirement plan, life insurance policy or donor advised fund.
What to Do Once the Will Is Done
Your relative or friend should keep the original signed document, along with a copy, in a secure and easily accessible location like a fireproof safe. They should tell their executor or personal representative the location of the will or trust. If the document is in a safe, they should share the location of the safe and its combination or key, or they can give the executor the contact information for their attorney.
Next Steps
We’re happy to answer any questions you may have about how to use an estate plan to leave a legacy at TPWF. Contact Amy Allen at 214.720.1478 or aallen@tpwf.org to help you make the most of giving and create a legacy.
Why Even Have a Will?
What if your loved one finds writing a will too daunting and wants to skip it? Gently remind them that without a will, their estate’s distribution is left up to the state where they reside. State laws generally defer to close family members such as spouses, children, parents or siblings and may not align with your loved one’s desires.
Find an Estate Planning Attorney
Join Others Like You
Providing for us in your will or other planned gift means you share a vision with others who have joined our John Graves Legacy Society.
Contact us to let us know about your gift or complete our Confidential Planned Gift Notification Form. It would be our honor to welcome you into this group of special supporters who are committed to conserving Texas’ lands, waters and wildlife for the future and want their legacy to reflect this commitment.
Information contained herein was accurate at the time of printing. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.
