Informational resources from Kiva’s partner, FreeWill
This August, Kiva is celebrating National Make-A-Will Month — an annual reminder that planning for tomorrow starts with our actions today. Why is Kiva sharing this information? As a nonprofit, our ability to open financial access for people around the world is supported by donations and contributions, ensuring our mission is sustainable for years to come. We’re also sharing a free, online will-writing tool from our partner FreeWill so the Kiva community can help protect the people they love — and causes they care about.
When you hear the term “estate planning,” you may envision long hours spent in an attorney’s office, huddled over stacks of papers and drowning in legal jargon. But the truth is, estate planning doesn’t have to be difficult or time-consuming — thanks to online resources, it’s simpler and more affordable than ever!
So what is estate planning? Estate planning is the process of deciding who will receive your assets and manage your estate after your death. There are many important legal documents you should consider having as part of your estate plan. The first step of estate planning is making a will.
What is a will?
A will, or a last will and testament, is a legal document that describes how you would like your property and other assets to be distributed after your death. When you make a will, you can also use it to nominate guardians for your children, dependents, or pets. In fact, planning your estate is one of the kindest things you can do for those you love.
What happens when you pass away?
When you die with a will, the will is usually presented to a local probate court. A probate court is a court of limited jurisdiction that manages the legal process of distributing a deceased person's estate. Probate courts are governed by state and local laws, and their authority comes from statutes. Once your will enters probate, the court then authorizes the distribution of your assets according to the instructions in your will — as long as there aren’t any disputes or other problems.
If you die without a will, it’s called dying “intestate”. In those cases, and in the absence of other estate planning documents in place like a trust, the court will distribute your property according to your state’s intestacy laws. These laws, which have predetermined rules for how assets must be distributed, may not reflect your own wishes for your loved ones.
Kiva’s free estate planning guide provides more information about making a will and the other key documents that form a well-designed estate plan.
Get your FREE estate planning guide
Take control of your future this Make-A-Will Month by creating your will
Most people think that making a will is a complex, pricey, and time-consuming process. But that’s not always the case.
If your wishes and circumstances are straightforward, a do-it-yourself will could be a good solution. If you decide that you don’t want to use a lawyer and wish to create the document yourself, there are multiple resources to make your will online. A quick internet search will show you several online will-making services. We have partnered with FreeWill to provide easy, accessible, and FREE estate planning. FreeWill has made it completely free for you to make your will online. FreeWill’s intuitive tool allows you to write a legally valid will and offers other key documents that can help you and your loved ones organize your end-of-life wishes, such as a Financial Power of Attorney, an Advance Healthcare Directive (AHCD), a revocable living trust, and more.
Create your will today with FreeWill.
If you require more personalized guidance, work with an estate planning attorney.
If you have a large estate, complicated family dynamics, children with special needs to provide for, or other circumstances requiring professional assistance, you should consider speaking with a qualified estate planning attorney in your area to make your will and other key related documents. While the resources linked here can help you document your wishes in advance, a lawyer can provide expert advice tailored to your needs and local laws. You can check Google, Yelp, your local bar association, or even the American Bar Association for licensed attorneys in your area. You may also want to ask friends or family for recommendations.
Next steps: Estate planning
Making a will is just the first step in preparing for the future. There are many other key documents that can help you and your loved ones put your end-of-life wishes in order. Download this informational toolkit, with content from our partner Freewill, to get your estate planning checklist and guide to understanding wills.
If you would like to discuss your legacy and plans as related to Kiva, please reach out to the major giving team at majorgiving@kiva.org or visit Kiva.org/donate/give-to-kiva to learn more.
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax or accounting advice. You should consult your own tax, legal, and accounting advisors to ensure your wishes are properly formalized.
