Why the Holidays Are a Great Time to Discuss Your Estate Plan

As the holiday season approaches, families gather to celebrate traditions and enjoy each other’s company. Amid the festivities, it is also a perfect time to address important matters with your family—specifically, your estate plan. While conversations about estate planning may not always be the jolliest, discussing it during the holidays can be practical and beneficial for both you and your loved ones.

• Family Gatherings Offer a Convenient Opportunity

With family members in one place, the holidays create a rare opportunity for everyone to come together, particularly if some of your family you don’t see very often. This is an ideal time to talk about your estate plan, as it allows you to ensure that all key people in your life—spouse, children, and other beneficiaries—can be present for a discussion about your estate plan. Having an open discussion about your wishes can avoid confusion and potential conflicts down the line.

This is a perfect time to discuss the roles you have selected for each individual.  You should also take this opportunity to let your family know where your estate planning documents are kept.  If they are in a safe then they need to know how to access it and if they are in a safe deposit box, where the box and the key are located.  You don’t have to share the actual documents with them if you don’t want to but you do need to let them know where to find them. 

• Prevent Family Disputes

The purpose of an estate plan is to aid your family during one of the hardest events of their life, the incapacity of death of a loved one.  However, the estate plan does not cover everything therefore it is a good idea to let them know what your desires are.  Without clear instructions, family members might argue about your assets or medical preferences. By discussing your estate plan, you can clarify your desires and prevent family members from being left in the dark or making decisions that may not reflect your wishes. This also ensures that your loved ones are aligned on your vision for your estate.

If you have specific wishes about healthcare or medical decisions, the holidays can be a good time to discuss these with family members who might be responsible for making those decisions. It is very hard to make decisions regarding end of life care and by giving your family some guidance on what your wishes are and allowing them to ask you questions will give everyone a better peace of mind that the ultimate decision they might have to make is consistent with what you want.  It can also reduce friction between family members because they all have a clear understanding of what you wanted which they were all present for while it was discussed. 

This is also a good time to discuss what items of personal property each person might want.  This is a perfect time to complete the Memorandum of Tangible Personal Property wherein you detail who gets what items after you are gone.  This does not need to be every item you own, just those items with significant monetary or sentimental value.  You don’t want your kids fighting over your grandmother’s wedding ring if you know who you want to get it.  Having it in writing also makes it clear to everyone what your intent was, and then they don’t get into the he said she said situation of claiming you wanted each of them to have the same thing. 

• Review and Update Your Documents

If your estate plan is already in place, the holidays are a great time to review it. As tax laws, financial circumstances, or your personal situation may have changed.  Also, there could have been some significant changes in your life over the past year, such as marriage, divorce, the birth of a grandchild, each of these could impact your estate plan. Therefore, it is important to ensure your plan is still up-to-date. A quick review with your attorney or financial advisor during this season can ensure that everything is in order and that your loved ones will be taken care of according to your current wishes. 

• Peace of Mind for You and Your Loved Ones

Estate planning is not only about protecting assets—it’s about peace of mind. The number one thing we hear from clients is that their children have been pushing them to get their estate plan in place.  Their children worry about making sure that all the necessary arrangements have been made after seeing what happened to their own grandparents or their in-laws when they did not have an estate plan in place.  Knowing that you’ve made arrangements for your future and your family’s well-being can relieve stress and bring clarity to all parties involved. This sense of security can be especially comforting during the holiday season, which is often centered around family, tradition, and togetherness.

• Strengthen Relationships Through Open Communication

Conversations about estate planning can sometimes be uncomfortable, but addressing these matters openly can foster understanding and strengthen relationships. Taking the time to explain your decisions and listen to your family’s concerns shows that you care about their needs and your family’s future. It can also lead to productive conversations about financial matters, responsibilities, and how family members can support each other moving forward.

In conclusion, the holidays are an excellent opportunity to address important matters, including your estate plan. Open communication with family members about your wishes can help avoid misunderstandings, protect your assets, and ensure your loved ones are prepared for whatever the future may hold. Don’t wait until it’s too late—take the time during this holiday season to ensure your family’s peace of mind for the years to come.

If you need assistance with creating or updating your estate plan, or if you’re unsure where to start, reach out to our law firm. We provide free consultations to help guide you through the process, ensuring that your wishes are clearly defined and legally protected.  Call us today at (316) 265-0797 to set up your free consultation.