Addressing the Will Crisis, Part 2: Consequences, Benefits, and Common Mistakes

Reflecting on the startling statistic that only 32% of Americans have a will¹, and knowing that NRA members are representative of typical Americans, a reader might conclude that 7 out of 10 people reading this article do not have a will. To address these concerns and support members, the NRA is now offering free online will planning—with no catch, it's 100% free.

Negative Consequences of Not Writing a Will

Although writing a will is a fundamental step in estate planning, NRA members who are reluctant to start might be motivated by learning the top three negative consequences for failing to make a will.

1. Intestacy Laws: If you die without a will, your estate will be distributed according to intestacy laws, which vary by state. These laws may not reflect your wishes, potentially leaving out important people or causes. This can lead to disputes among family members and unnecessary stress during an already difficult time.
2. Delays and Additional Costs: The probate process can be more complicated and time-consuming without a will. This can result in additional legal fees and delays in distributing your assets. A will can streamline the probate process, ensuring your estate is settled more efficiently, which is a thoughtful and loving thing to ensure when your loved ones are grieving.
3. Loss of Control: Without a will, you lose control over who will manage your estate and how your assets will be distributed. This can lead to unintended consequences, such as assets going to distant relatives or the state, rather than to the people and causes you care about. And, think about your state, will it protect your interests as an NRA member? Do you want to give them any additional resources to attack your gun rights?

Benefits for People and Causes You Love

1. Peace of Mind: A well-crafted will provides peace of mind for your loved ones, knowing that your wishes are clearly outlined and will be followed. This can reduce stress and potential conflicts among family members.
2. Financial Security: By specifying how your assets should be distributed, you can ensure that your loved ones have the financial security they need. This can include setting up trusts for minor children or providing for a spouse or partner.
3. Charitable Giving: Including charitable bequests in your will allows you to support causes that are important to you. This can have a lasting impact on organizations and communities, continuing your legacy of giving. The NRA Youth Education Summit has a donor who attended as a guest and was so impressed that she decided to leave a significant gift in her will to support the program. Her gift was also made in her father’s honor, combining her passion for the second amendment, youth education and her personal family.

Common Mistakes When Writing a Will

1. Not Updating Your Will: Life circumstances change, and your will should reflect these changes. Failing to update your will after major life events, such as moving to a new state, marriage, divorce, or the birth of a child, can lead to outdated instructions that no longer align with your wishes and may result in additional expenses and frustration to settle your estate.
2. Not Seeking Legal Advice: If your estate includes complex assets, includes business holdings, or children from multiple marriages, it's important to seek legal advice to ensure your documents are valid and enforceable. A lawyer specializing in estate planning³ can help you navigate the legal requirements and ensure your plans consider all of the variables.
3. Being Too Vague: Ambiguity in a will can lead to disputes and misunderstandings. The NRA estate settlement team sometimes sees ambiguity in gifts to the NRA. This can be a donor mixed up the name of an NRA program or left something to a program that does not exist. We encourage our members to share their charitable plans with us so we can help clarify any confusion while they are still living. Email us if you want a review of your gift to the NRA.
4. Not Considering Tax Implications: Estate taxes might significantly reduce the value of your estate, especially if you’re in one of the states that have inheritance or estate tax². It's important to consider the tax implications of your will and explore strategies to minimize taxes, such as setting up trusts or making charitable donations. The NRA has four related public charities that can be a tax strategy to exclude assets from the taxable estate. There is no limit on how much you can donate and these public charities can also receive donations to reduce capital gains tax liability.

Conclusion

Whether your estate is a complex situation that demands significant legal planning or a straightforward situation that can be planned using NRA’s free online will planner, its important for every NRA member to consider the resources available to them and take action to plan their will.

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References:

1. This was the results of a 2024 caring.com survey.
2. As of December 2024, 17 states and the District of Columbia have estate and/or inheritance tax. See more information at taxfoundation.org.
3. Wealth Counsel and the American College of Trust and Estate Counsel are organizations offering affiliation to attorneys who specialize in estate planning. To search their member roster in your area, visit https://www.estateplanning.com/ and https://www.actec.org/find-a-lawyer/#/.