How can the holidays aid your estate planning?

On Behalf of | Dec 13, 2021 | Estate Planning |

However much video calling has kept your family in touch during the past two years, some things are best done in person. One of those is a discussion about estate planning.

Once your kids grow up and leave home, getting them all together in one place can be challenging, so why not use the holiday gathering to talk about your estate plan?

Talking allows you to get feedback for your ideas

Estate planning is similar to gift buying, in that however much you think you know a person, sometimes they surprise you. If your kids do not want the festive sweaters you bought, they can return them. If they do not like what is in your estate plan, things will be trickier, especially if they do not know what it contains until after you die. Let’s look at some examples:

  • You leave your daughter the 49 piece porcelain dinner set you inherited from your great-grandmother. Your daughter lives in a studio flat with no kitchen. However useless it is to her, she may feel bad about getting rid of it. Unlike you, she has no attic to store it in until she has children to pass it onto.
  • You name your daughter as your estate executor: You did not bother asking, as you know she would do it for you. When the time comes for her to step up, she has settled in Australia. If you had asked her first, she would have told you that was her long-term plan. Now she feels she has let you down.

Looking at estate planning as one person being benevolent to others is oversimplistic. Your decisions will affect the lives of others, and only by discussing your plans with them first, can you be sure it will be in the way you expect. Learning more about your estate planning options, allows you to hold a more informed discussion with your family.