As people solidify their holiday plans, some decide that having the whole family together under one roof provides the best opportunity they’ll get to discuss their estate plan. If you’re preparing to put your plan in place, you may want to talk with your adult children and potentially with other relatives.
How you do this (individually with each person or in a group) will depend on your unique family dynamics as well as what, if anything, you want their input on. You may simply want to tell them about decisions you’ve already made and provide some explanations if appropriate.
However, you may want to find out who wants particular assets like properties, jewelry or even sentimental items. This can prevent you from leaving a valuable asset like a piece of art to someone who doesn’t want it and will just sell it or even donate it.
Fiduciary responsibilities and legacy
This discussion isn’t just about assets. It’s wise to address who will have fiduciary responsibilities over your estate plan. That includes who will be the executor, who will have financial and medical powers of attorney (POA) and whom you might choose as a trustee for any trusts you establish.
This can also be a time to discuss what you want your legacy to be. For example, maybe you hope that your children will carry on your practice of giving generously of your money and time to worthwhile causes. Maybe you’re even leaving the bulk of your estate to one or more non-profits rather than to your children because you’ve already given them every advantage and prepared them to be independent, productive adults.
Certainly, you don’t want to spend an entire holiday visit discussing your estate plan. It’s wise to set aside some time for it – perhaps toward the end of your visit. An experienced estate planning professional can help you prepare for this discussion – whether your plan is already largely in place or you’re just getting started on this critical task.