Holidays: Prime Time for Estate Planning

Posted by Gregory Singleton | Dec 15, 2020 | 0 Comments

The holidays are when families come together. Nobody really wants to think about dying, let alone what will happen to their stuff after they have died. But doing so can have many benefits. It can bring you peace of mind. It can make things easier for those you will leave behind. And it can bring family harmony, or at least avoid family conflict.

It's the holiday season, where even with Covid, you will be seeing more of your family (even if only via Zoom). This is the time that a lot of families talk about their estates. If you have children, you can even ask them what they would like of yours after you pass – you may be surprised.

Here are just a few things to think about at the Holidays:

  1. Health Care Directive: Do you have a comprehensive health care directive? It should address such things as neuroleptic treatments and psychotropic medication. It also must, must, must, have a HIPPA waiver. If it doesn't, it may not be worth the paper it's written on.
  2. Power of Attorney: Do you have a Power of Attorney? Do you fully understand the authority that the Power of Attorney gives your attorney in fact, and when?
  3. Guardianship: Have you selected who will take care of your children should something happen to both you and your spouse? Does that need to be updated?
  4. Special Gifts: Have you identified special gifts that will go to people after you die? Have you collected new art, jewelry, or other special things that need to be added to your will addendum?
  5. Charity: Is there a charity that you would like to make a gift to in your will?
  6. Trust v. Will: Has something in your life happened such that it makes more sense to have a trust instead of just a will? Do you understand what having a trust will do for you?

So don't be afraid to have that conversation with your spouse, family, and loved ones. Usually the conversation leads to family harmony more than it leads to conflict. And with the New Year coming at the end of the holidays, it's a great time to make a resolution to revise or put your estate plan in place!

If you have questions about your estate plan or some of the issues brought up in this posting, contact Signature Law for a free consultation.

About the Author

Gregory Singleton

Trusted Legal Advisor Gregory Singleton is a skilled attorney, experienced in both litigation and transactional work. He has tried multi-million-dollar cases and has negotiated multi-billion dollar contracts. With Signature Law, his goal is to make the law accessible to you, your families, and y...

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