The holiday season is a special time of year when families have the opportunity to spend quality time with one another. With everyone in the same place, it can also be a practical time to talk through a few estate-related matters. Having these important conversations can help your family understand the plan for the future, avoid confusion later on, and head into the new year with a little more clarity.
Deciding what to do about in-laws
Estate planning is typically about taking care of family members. Sometimes, older individuals want to ensure their sons-in-law or daughters-in-law are financially taken care of. If you and your adult child’s spouse get along, including them in a trust or will could be an important inclusion.
Accounting for new family additions
As time goes on, families grow with the addition of children and grandchildren. That said, your current estate plan may not account for these new additions. As your adult children celebrate a child or children of their own, you may want to include your grandchildren as beneficiaries. A great way to help provide for new grandchildren is with a Section 529 plan to cover their education costs.
Discussing who gets what
If you are like most people, you will want certain assets to go to certain people. Fortunately, this is all possible with proper estate planning. Establishing a will lets its owner designate their beneficiaries and what a person wants them to receive. If you’re unsure who wants what, the holidays can be great times to ask for input from your spouse, children, and other important people in your life.
As the holidays approach, thinking about gifts given through estate planning is crucial. While estate-related conversations can seem uncomfortable, they’ll help ensure that your final wishes are carried out.