It’s likely that you have many plans lined up for the holiday season. Drawing up new estate planning documents or updating existing documents will hopefully be a part of your holiday schedule. If you haven’t yet given serious thought to your estate, or if you’ve been delaying necessary changes to it, please don’t delay.
The following are four reasons the holidays are ideal for estate planning.
1) You’re meeting with loved ones. If you’re meeting up with your loved ones over the holidays, it’s a great opportunity to discuss estate planning issues with them. When possible, you should discuss your estate with people you trust, so that they can give you feedback and also be better prepared to step into any future roles you’re designating for them, such as guardian, trustee, executor or beneficiary of certain assets.
2) It’s a good time of year to take stock of things. During the winter holidays, many people reflect on the past year and how their needs and priorities may have changed (in part because of major life events such as weddings and births). Your estate planning is an expression of what you want your legacy to be and how you hope to care for yourself and your beneficiaries. Think about whether your current estate plans reflect your values and priorities.
3) You’re thinking about your taxes for the coming year. As you consider the amount you need to pay for taxes on various assets (and the amount of taxes on your estate should you pass away) you might want to make revisions to your estate planning – including the formation of certain trusts to better shield your assets.
4) You’ve acquired new significant assets. Perhaps as a holiday season gift, you now have a new car or a new home, or you’ve acquired some other valuable item. How will you include these in your estate plan?
Be sure to contact us to make the most of your holiday season estate planning. We will help make sure that your estate plans are clear and thorough, reflecting your wishes and beneficial to you and your loved ones.