While you are still recovering from your recent Thanksgiving meal, it is important to continue thinking of your loved ones as the holiday season continues to move forward. While it may be difficult conversations to have, this time of year is a great opportunity to talk to loved ones about estate planning.
Important estate planning questions
No one wants to think about their demise or the death of a loved one; however, it is a reality and a fate we all will meet one day.
Although it is easy to push this process back and procrastinate creating an estate plan, the holiday season is the perfect time to initiate the conversations with loved ones concerning their estate plan as well as yours.
Asking what their wishes are can be very helpful. By understanding what they want regarding medical care, property distribution and funeral service can make it easier to navigate when the time comes.
In turn, you can share your wishes as well. You should also gain a better picture of insurance policies and ask whether a will has been created.
Documents
Verbal conversations are very informative; however, they do not ensure that their wishes will be carried out.
Various documents are critical to complete. This includes a health care directive, durable financial power of attorney, disability insurance, will, beneficiary designations on accounts and policies, living trust and life insurance.
An ethical will could also be created, as it serves to convey messages, personal stories or explanations to loved ones after your passing.
Although estate planning is not always a comfortable topic to bring up or discuss, it is one that is important and should not be put off until later.