The gift of estate planning
‘Tis the season for family, good cheer and estate planning! Wait … estate planning, you ask? How can that be?
While not the most jovial topic of conversation one can think of in the midst of the holidays, the holiday season can be the perfect time of year to have a discussion with your family about estate planning. The holidays are often the only time of the year a geographically scattered family comes together under one roof. Face to face conversations are easier and more productive than phone conversations. Also, the holidays tend to be a time during which people are less pressured by work duties and other stressors, resulting in a more tuned-in conversation. The relaxed atmosphere of a family gathering is an ideal setting for a serious conversation. The following “tips for the talk” will help you make the most of the discussion:
• Set aside a special time to talk rather than bringing the conversation up out of the blue at the dinner table.
• You do not have to work out all the details in one conversation. It might be as simple as opening the door for future conversations.
• Resist the urge to involve persons who are not necessary to the conversation. Having too many participants can result in an overwhelming amount of questions or opinions.
• Take the opportunity to reinforce your family values and expectations.
• Explain why you made certain decisions about whom to place in charge and distribution of property on death.
• Make sure that the persons you wish to place in charge of health care or financial decisions are comfortable serving in such capacity.
• Discuss your wishes regarding health care decisions and longterm care.
• Show your family where you keep important documents.
An honest family discussion is a priceless conversation. One of the most common planning goals I hear from clients as an estate planning attorney is the desire to make life easier for family down the road. An estate plan does just that. It makes life easier on your family. Setting out your wishes through a well-coordinated estate plan can be one of the best gifts you will ever give your family and it allows you to continue to show your love well beyond the holiday season.