Holidays Are Prime Time to Discuss Estate Planning

Estate planning is about setting ones affairs in order for the benefit of friends and family.  In that way, the holiday season is a natural time to discuss these matters, because it is now when many families are getting together as a group. Particularly for families that do not live close together, this time of the year may be the only one when everyone is all in one place.

This doesn't mean that you need to spend time delving into the specific details of a plan over holiday dinners, but simply mentioning the topic lightly can be important to start the conversation.  If parents or adult childen do not seem willing to get into the details during the holiday, simply explain that you'd like to discuss the subject at a later time. However, if they are receptive, it is helpful to ask them some basic questions. For example, some parents may already have wills drafted.  If so, it is important for other family members to know where it is located and how to access it.  If a will is used, children should ask who has been named executor.  The same is true when more advanced tools like trusts are used, since in those successor trustees have to be named.  Seemingly simple choices come loaded with problems--for example, choosing one child over another for these duties may create hard feelings.  Discussing them ahead of time is often a good approach.

Beyond subtle prompting to get certain estate planning affairs clear, the holidays may also be a good time to share exactly how certain sentimental objects will be distributed.  Of course, each family is different and this may cause discord. However, it is never a good idea for family members to learn who is set to receive certain objects only after a loved one has passed, particularly items with emotional attachments.  Because everyone is together, the holidays may be the ideal time for grandparents or parents to clearly explain what steps they've taken and to answer any questions that family members may have.  The input that they receive from family members may also prove helpful in case something has been left out of planning

All of us at The Greening Law Firm, P.C. wish you very happy holidays.  We are proud to serve the Austin area with estate planning, estate administration, probate, and elder law, and we are excited to begin a new year with our clients, friends, and colleagues.