National Make a Will Month highlights importance of estate planning

MILWAUKEE (CBS 58) -- August marks National Make a Will Month, bring the light the fact that more than two-thirds of Americans do not have a will or an estate plan.

The absence of these documents can lead to prolonged court battles, familial disputes and unnecessary expenses for heirs, that according to Tony Drake of Drake and Associates who joined us on Thursday, Aug. 22.

He discussed that an estate plan ensures assets are distributed according to the individual’s wishes, potentially preventing arguments and reducing tax liabilities for loved ones. Additionally, for those with minor children, a will allows parents to designate legal guardians.

Estate planning documents should be regularly updated to reflect changes in personal circumstances, according to Drake. Resources are available to help individuals start their estate planning process during National Make a Will Month.