August is National “Make a Will” Month!

The statistics are pretty startling — according to Caring.com’s 2025 Wills and Estate Planning Study, a vast majority of Americans do not have a will. Why not?

Procrastination. Nearly half of those who do not have a will reported that they “just hadn’t gotten around to it.” Other common reasons included concerns over the cost and complexity of making a will, along with the belief that only wealthy people need an estate plan.

But the truth is, it’s crucial that everyone has a will in place. A will not only protects your assets and personal wishes after your death, but it also helps your loved ones avoid the stress, confusion and expensive court proceedings that often occur when a will does not exist or is not up to date.

Do I really need a will?

• Do you have a minor child? You should have a will.
• Do you own a home? You should have a will.
• Do you have other assets or possessions (both tangible and digital)? You should have a will.
• Do you have people or charities that are important to you? You should have a will.

Your will may be the most important document you ever write. Here’s why:

• Your will allows you to clearly state who will receive your assets when you die. Without a will (or other plan, like a living trust), your state makes the decisions for you, determining how your property will be distributed. Usually, it will go to your closest relatives (your spouse, children, parents and/or siblings).
• Your will allows you to name an executor for your estate. Your will is where you name an executor (or personal representative, in some states) to handle the task of making sure your estate plans are carried out according to your wishes. Without a will, a court will appoint someone to do this job.
• Your will allows you to name a guardian to take care of your children. Your will is the only place to nominate a guardian to care for your minor children, and a property manager to take care of the property that passes to your minor children after your death. When you bequeath property to minor children through a will or trust, you can also leave instructions about how that property should be managed. If you die without a will, a court will decide who should care for your kids and assign someone the rights to manage the assets you leave them.
• Your will allows you to create a personal legacy with charitable giving. Naming a charitable beneficiary, like Drexel University, enables you to continue making a meaningful difference to the charitable organizations that are important to you, even after your lifetime. Additionally, including charitable gifts in your estate plans can also minimize the impact of taxes and other costs to your estate upon your death. The right planned gift can be used strategically to maximize your assets’ potential benefit – both for your loved ones and for the causes that mean the most to you.
• Your will allows you to appoint a “digital executor.” In this internet age, it's important to make plans for who will have the passwords to access your computer and other electronic devices, as well as email, social media and financial accounts, and to leave directions on how those accounts are to be handled when you’re gone.

Don’t forget: Making a will is NOT a “one-and-done.” The will you create at age 50 will likely look very different from what you want and need at age 75. If you already have a will in place, pull it out of the filing cabinet. Right now is an excellent time to review it so you can be sure your will includes accurate information and reflects your current wishes.

Estate planning can provide you with a sense of empowerment and peace of mind. If you would like to explore options for making Drexel a part of your plans, contact David Toll, JD, senior associate vice president in Drexel University’s Office of Gift Planning at 215.895.1882 or giftplanning@drexel.edu.