As the holiday season approaches, we look forward to the joy of participating in traditions and celebrations with friends and family. The merriment of the holidays promises cherished moments and joyful gatherings with gifts, singing, great food, and estate planning? Yes, holiday gatherings are perfect for starting this conversation with loved ones. Too often, families are left in the dark about estate plans until a tragedy occurs. Sharing your intentions regarding your legacy before a crisis occurs can reduce the likelihood of family tensions and even potential litigation.
In the Quieter Moments During the Holidays, Some of the Topics to Discuss are:
- Wills and Trusts: These documents detail how you want your assets to be distributed and who would care for your dependents if you were incapacitated or after your passing. A trust bypasses the probate process, so that your beneficiaries can access your assets immediately.
- Financial Power of Attorney: If you become cognitively impaired or in your absence, this appointed person can make financial and legal decisions for you.
- Healthcare Surrogate: Regardless of age, everyone should have a healthcare surrogate who can be an advocate for healthcare if you are unable to express your needs and make healthcare decisions.
- Living Will: This legal document spells out your wishes for end-of-life care, such as artificial nutrition, transfusions, palliative care, dialysis, breathing tubes, and other critical treatments.
Other considerations when discussing your estate include passwords for digital assets, and designating beneficiary designations for financial accounts.
The Most Valuable Gift is a Secure Future
The holidays are a rare opportunity for families to gather in one place. It is a time when your children and grandchildren are home from college, and adult children scattered throughout the country bring their families home. Engaging in conversation about your future and legacy ensures that everyone is aware of your wishes. When multi-generations get together, it is a good time for everyone to ask questions and share their concerns.
Updating Your Estate Plan
If you already have an estate plan, the holidays are a good time to ensure it is aligned with your current circumstances. Just as your life is not static, there are many reasons to review and revise your estate plan. One-and-done estate plans quickly become outdated and can leave your loved ones with unnecessary stress, expenses, and legal challenges.
Many life changes can trigger the need for an estate plan review. Some of these include a marital status change, a birth, adoption, or death, changes in your financial status, starting or selling a business, or a new disability or medical condition. Additionally, you may have had a change of heart, and your estate plan today may not be what you want tomorrow.
What about “Do-It-Yourself Estate Planning?
While it is not mandated by Florida law to seek legal counsel to create or update an estate plan, “do-it-yourself” estate planning can lead to incomplete or legally flawed documents that may be invalid in probate court. Sadly, it can spark family conflicts that can only be resolved with lengthy and costly court intervention that will drain the estate’s assets. Having experienced legal counsel ensures your intentions are clearly written and minimizes potential conflicts.
Legacy Law Associates: Your Trusted Estate Planning Attorneys
At Legacy Law Associates, we believe that the most valuable gift you can give your loved ones this holiday season is a well-thought-out estate plan. It is not only an act of kindness towards your family but will also bring you peace of mind. As you gather with your family this holiday season, take the time to discuss the plans that will protect and preserve their future.
To learn more about estate planning or to create or update your plan, contact Legacy Law Associates online or at (386) 252-2531 to schedule a confidential appointment at our Daytona Beach, Florida, office. Let us help you create a secure and prosperous future.
