Penney: Plan for the best by making a will

Published 4:50 am Sunday, August 3, 2025

August is “Make a Will Month.” Let’s face it, nobody likes to plan for their ultimate demise, because it seems morbid to think about the end of your life. Let me suggest another approach. Use the opportunity to make a will as your effort to create the BEST possible future. There is no way to predict with absolute certainty what the future holds for you or your family. It’s even harder to predict the future for the local food pantry, your alma mater, the local animal shelter or any of your other favorite nonprofits. Let me encourage you to avoid being paralyzed by the uncertainty of the future and plan for the best. If you fail to plan for your own future, the State of Texas has a plan they will carry out for you. Good lawyers have helped to make the State’s plan a reasonable plan, some might even call it a good plan, but it may not be your BEST plan. Only you know the family dynamics and relationship nuances that make your situation unique. It is up to you to initiate your best plan.

Here are a few simple steps. First, evaluate your current family situation. Do you have children? If they are young, who would you like to take over raising them if something should happen to you? Guardianship of minor children is one of the most important reasons to have a will, and it is also a very important reason to create a will very early in life. There are so many things out of your control such as health events, car accidents and the weather. Creating a will is a practical and responsible exercise to plan the best future for your children, in the event something unexpected happens to you. Creating a will to set up appropriate guardianship for your children should be done the moment you find out they are on the way. The urgency is even greater if they are already here and you still don’t have a plan. 

Making changes to the guardianship provisions in your will at various stages of your children’s growth and development is also important. Life happens to your children and their appointed guardians, so you should revisit your will periodically to make sure it reflects your best plan today, not your outdated plan from many years ago. A properly updated will can help you choose who you think would be the best guardian for your children so your family does not find themselves in unnecessary conflict over the decision. There are also stages in your life and personal circumstances that may require establishing a trust to receive certain assets for the care of minor children, aging parents or children with special needs. Your updated will reflects your best plan about how to handle these situations.

Second, consider how you want your wealth and physical possessions distributed. Your wealth may be simple, managed in a few financial accounts, or it may be complex, including a home, business interests, mineral interests and other real estate. Your plan needs to consider the best option to distribute each of those assets. Your will should provide clear instructions to minimize potential conflicts. The wider the variety of your possessions, the more complex your plan may need to be to legally transfer those assets in a way that achieves your best desired outcome. 

Third, only you can initiate gifts to support charities if that is part of your best plan. Think of it this way. The State of Texas will look at the facts if you die without a will. The state is not programmed to consider your feelings and make distributions to support your charitable interests. If you have invested your time, talent and treasures in charities during your lifetime, you must initiate a plan to support charities with gifts from your estate. Steps you can take might include naming charities as specific beneficiaries on your financial accounts or life insurance policies, and making specific provisions in your will, trusts and estate plans.  

Finally, you might want to consider leaving a gift from your estate to create an endowment to support your favorite local charities in perpetuity. Nonprofit organizations across East Texas are the annual beneficiaries of many permanent endowments created at East Texas Communities Foundation to fulfill the charitable interests of people like you. Many students also receive scholarships created from testamentary gifts. Creating a will if you don’t already have one, or updating your will and estate plans to reflect your best plan for the future may be your next best opportunity to Give Well.   

— Guest columnist Kyle Penney is President of East Texas Communities Foundation and a Chartered Advisor in Philanthropy. To learn more about ETCF or to discuss your charitable giving, contact Kyle at 866-533-3823 or email questions or comments to etcf@etcf.org. More information is available at www.etcf.org.