Holidays and Estate Planning: Why Now?

Photo by Josue Michel via Unsplash

The holidays are a time of togetherness. They’re a time for reflection, celebration and preparation for the future. We often notice that clients who have been putting off estate planning finally start with it during this season. That probably comes as a surprise to most. After all, how can the holidays and estate planning come hand in hand with each other? Let’s have a look together.

The family is finally together

Families are the most important part of the holiday season. This is a time when we get together, catch up and spend quality time with each other. The holidays are also an important time to talk about your estate plan. After all this may be the last opportunity for you to communicate your wishes.

You may not be able to talk with your loved ones about your estate plan during the holidays? Them maybe you can still make sure they know what you want done. For example, you can give them copies of important documents. This includes documents such as will, health care proxy and durable power of attorney.

Holidays as a time for reflection

The holidays are a time for family to come together, and it’s during this time of reflection and gratitude that we can choose the best ways to celebrate. It’s also the time of year when we are most likely to make major life plans, such as setting up a will or trust fund.

If you have children, the holiday season can be an important time to think about their future. For example, are you planning on leaving assets to them? Are you concerned about who will take care for them after your death? Then these holidays are a good time to have an end-of-life talk.

Estate Planning is a gift

Estate planning is a gift. It’s a gift to your loved ones, your heirs and to the world. Although it may seem like an expense at the time, estate planning can actually save you money in the long run.

Estate planning is a way to ensure that your wishes are carried out when you’re no longer here. Let’s say you begin writing down your intentions years before any problems might arise. Then you can save yourself or others from making costly mistakes later on in life. Such a mistake could also possibly lead them into legal battles over your assets after your death. What better holiday gift can you give to your loved ones other than peace of mind?

Estate planning may take time to complete

If you’re like most people, you think of estate planning as a long-term process. Hopefully you also know that it doesn’t have to be difficult or expensive.

What if we told you that estate planning is not only a multi-year commitment? It is also an investment of time and money—and trust. In fact, estate planning requires an investment in all three areas before any documents are even written. Estate planning is something you should begin well before your loved ones need your support. In fact, it’s something they won’t even notice until after it’s complete. After all, the work takes place behind closed doors. The holiday season is when most have time to start thinking about these processes. And please don’t underestimate the importance of these decisions. Thankfully, Myend’s planners are simple and easy to fill out making this holiday season even better for you.

Moving forward

You don’t need a reason to start working on an estate plan, but the holidays are a great time. The holidays bring us together with family and friends, the people we love most in this world. They also provide us with a wonderful opportunity for reflection on those we love and cherish. This can be especially impactful during divorce and after the death of a loved one. Or even when there’s been some other change in circumstances (e.g., retirement).

The holidays give you another important opportunity: time! Time is very important when it comes to estate planning because it requires careful thought about your wishes for your heirs and beneficiaries; this process can take months for a complex situation. For example what if you have multiple properties, or children from multiple marriages? Or even unexpected beneficiaries who may not welcome their inheritance? Now is the time to think about this and move forward.

Key takeaways

End-of-life planning is an important topic to discuss with your loved ones at any time. However, the holidays can be a particularly good time to bring it up. This is so because it’s often a time when family members are together and can have more relaxed, open discussions.

Additionally, the holidays can be a time of reflection and making plans for the future. This, in a way, makes it a natural time to think about estate planning. It is important to have these discussions so that your loved ones are aware of your wishes. Only then they can make decisions on your behalf if necessary. It can also help to reduce stress and conflict among family members by making sure everyone is on the same page.

Final Thoughts

Whether it’s the holidays or any other time of year, don’t wait until it’s too late. It takes some time for estate planning attorneys to complete their work and you should know that you can always get started now.

But there is also an alternative. Myend offers you easy and simple ways to create a comprehensive estate plan that suits you and yours family. You don’t have to wait anymore, sign up today for free and give your loved ones the gift a lifetime.

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Disclaimer

Myend is not a law firm, it does not engage in the practice of law, and it does not render any official legal advice. Therefore, you are hereby advised to seek your own legal counsel regarding any legal issues. Myend’s articles are meant to be taken as suggestions and therefore Myend carries no responsibility for the user’s actions.

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