Why is Thanksgiving a Perfect Opportunity to have the Estate Planning Talk?
Dad, could you please pass the gravy…..and tell me where you keep your estate planning documents?
With the upcoming Thanksgiving and Christmas holidays just around the corner, families will be gathering over food, drink, and laughter.
Amidst all the fun, there may be one or more elephants in the room no one wants to acknowledge. One of the big elephants is parents’ estate planning (or lack thereof). Have the courage to call that elephant out, but very tactfully.
A recent article from The Street.com, titled “Estate Planning Over Thanksgiving? Time to Talk Turkey.” confirms that holidays are a family’s best shot at getting this elephant out in the open with everyone in the same room.
So, if Mom and Dad are serious about having a discussion with their family about their estate planning intentions, then it is best to have this discussion when all siblings are present.
What if your family or culture is averse to raising such topics around the holidays? Consider arranging an annual meeting to let family members know where an estate plan stands.
While conceding that there is no guarantee that the holidays are the best time to set an estate plan in motion, it does provide a natural opportunity to address important concerns in the event of an illness, incapacity, or passing of a family member.
Remember: “An ounce of prevention is worth a pound of cure.” When establishing your estate plan, be sure to engage a competent and experienced estate planning attorney.
SOURCE: Levin Law Firm Wayne, PA