If your adult children and their families are scattered across the country, the holidays may be the only time you’re together under one roof. That’s why this is the time of year when a lot of Americans have the “estate planning talk” ahead of putting their plan in place.
Some people fear that it will just dampen the mood on what should be a joyful time. However, it doesn’t have to. If you schedule some time when all of the relevant people (like your children and possibly their spouses), you can accomplish a lot and then get back to football, shopping, eating or whatever activities you enjoy together.
Address key estate plan documents
Each family discussion will be unique. These key items, however, will likely be among those you want to focus on:
- Your will and (if you’re considering one) living trust
- Your advance directive for health care and who will be your health care proxy
- Your durable power of attorney (POA) for finances
- Any other trusts you’re planning to establish
- Who will be the executor of your estate (and alternate)
There are a lot of other topics you might want to address. For example, are you considering leaving your home or other large asset to one of your children? Make sure they want it before you codify that. If you’re not dividing your assets equally among your children, it’s best to explain your thinking now rather than have them be angry or confused later.
If you have particular wishes and goals for how the assets you leave will be used, this is a good time to talk about what kind of legacy you hope your children will carry forward – even if you’re planning on living a lot more years.
Other information to share
This likely won’t be the only conversation you have about your estate plan. For example, once you get it in place, you’ll want to make sure the right people know where to access both digital and hard copies. You’ll also want to make sure they know how to access your passwords and other information they’ll need, like your contact lists.
Make sure that at least your chosen executor knows who your estate planning professional is and how to contact them if they have questions after you’re gone or if you become incapacitated. This can help ensure that your estate is managed smoothly and that your wishes are honored.