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Don't Forget to Update Your Estate Plan This Holiday Season

With the holidays approaching, clients often ask us if it’s a good time of year to handle important estate planning matters. We always suggest that clients use the time they spend with their family and loved ones during the holiday season to have important conversations about major life events and changes that may impact your estate plan.

If you have been struggling to find the right moment to have a serious conversation with your family about your estate plan, the holidays might be the right time to bring it up. Since everyone will be gathered around together at holiday events, you won’t have to worry about being distracted with your regular day-to-day obligations and you can instead focus on the task at hand.

Although these conversations can be awkward to get started, it is important to make an honest effort to have them so you can identify any areas in your estate plan that need to be updated or altered to prepare your family for the future. The best way to have this conversation during the holiday is to either have brief conversations with each individual in your estate plan or to wait until you are gathered as a group to address everyone at once.

When you have estate planning conversations this holiday season, make sure you discuss the following important matters:

  • Last Will & Testament
  • Revocable & Irrevocable Trusts
  • Financial Power of Attorney
  • Advance Directive for Health Care
  • Trust Administration
  • Long-Term Care & Assisted Living

Remember that the goal of these conversations is to make sure your estate plan has the right tools to protect your legacy and pass on your wealth, so while you may be stressing out about talking to your loved ones about what will happen when you are no longer around, taking this crucial estate planning step will ensure you have the information you need to make informed decisions. The holidays are a perfect time to have these conversations, so don’t let this time of year pass by without speaking to your family about your estate plan.

Do you need help drafting an estate plan? Then give us a call today at (262) 214-6827 to request your consultation with a lawyer at our law firm.