The holiday season is here, and most of us are getting ready to get together and spend time with family and friends. While it might seem like an uncomfortable subject to bring up, it is a good time to discuss the importance of estate planning with loved ones.
In the event of a sudden passing, the last thing you want to overwhelm your family with is the process of distributing your assets with no plan for them to follow. When you make a will or execute a trust, you are putting a plan into place that protects your assets. By laying this groundwork early, you are preventing a burden from falling on your family members while they navigate an already difficult time after you have passed. At the very least, you are going to want to have a simple will written up.
Remember to approach the topic appropriately and respectfully with family members. While it is an important subject to broach, it’s not necessarily a comfortable one to discuss. If you are asking a loved one to establish their own plan for their estate, keep in mind that it might be difficult for them to think about right away.
Enlisting in the help of a third party is a good idea to avoid added tensions amid family dynamics. Financial planners and personal bankers are professionals that help guide your family through the estate planning process. And of course, an estate planning attorney is necessary to draft the legal documents and assist in directing you and your family members toward a plan that meets your goals.
Contact Gary Valerino or Paula Highers at MCV Law for more information on your estate planning process or that of a loved one.