Establishing the foundations: wills, beneficiary designations, and trusts.
We spend a lifetime building our legacies — caring for our families, pursuing our careers, accumulating assets and supporting the people and institutions that matter most to us. Yet one of the most important steps we can take to protect what we have built is also one of the easiest to postpone: creating an estate plan.
According to a 2025 Pew Research Center survey, only 32% of U.S. adults have created a will. That means more than two-thirds have not taken this fundamental step toward protecting their legacy. Without a will, state law generally determines who inherits a person’s property. The consequences can include delays, family disagreements and unintended distributions. For families who have worked hard to build wealth across generations, the stakes can be especially significant.
A will is an essential starting point, but it is not a complete estate plan. As the American Bar Association explains, a will directs the distribution of assets subject to probate, names an executor to administer an estate and allows individuals to nominate guardians for minor children. However, it generally does not control assets that transfer outside probate, including retirement accounts, life insurance policies and jointly owned property with rights of survivorship.
Beneficiary designations are equally important. These instructions generally determine who receives assets such as retirement accounts and life insurance proceeds, regardless of what a will says. An outdated designation could unintentionally benefit a former spouse or exclude a loved one. Marriage, divorce, births, deaths and other significant life changes should prompt a review.
For some families, a revocable living trust offers additional flexibility. When properly funded, it can help avoid probate, preserve privacy and provide for asset management during incapacity. Trust provisions may be especially valuable for blended families, beneficiaries facing challenges with addiction or financial management, or loved ones with special needs who may require carefully structured inheritances to preserve public benefits. Unlike a will that distributes assets outright, a trust can provide ongoing oversight and support.
Estate planning is not simply about distributing possessions. It is about expressing our values, protecting those we love and ensuring the opportunities we have created benefit future generations.
For many Meharrians, that vision extends beyond family to the communities and institutions that helped shape their lives. A carefully considered estate plan can provide for loved ones while creating an enduring charitable legacy — supporting scholarships, expanding access to quality health care and opening doors for future generations.
National Estate Planning Week is an opportunity to begin. Whether preparing a first will or revisiting a plan created years ago, individuals are encouraged to consult a qualified estate planning attorney.
Meharry Medical College’s Office of Gift Planning welcomes the opportunity to serve as a resource for those exploring charitable giving and legacy planning. Your legacy deserves thoughtful planning, and we are here to help you consider the possibilities.
Written by:
Sarah A. Andrews, Ed.D, MBA
Senior Director of Development, Principal Gifts and Gift Planning
