It is critical for individuals to have an established estate plan to protect their hard-earned assets in the future. Individuals should take the holidays as an opportunity to open up to their loved ones about their plans for the future. The holidays are the perfect time to ask loved ones pertinent questions in regards to an estate plan such as being an executor of their estate. If you need help creating an estate plan, contact a trusted Montgomery County Estate Planning Attorney who can help you ensure your wishes are carried out as desired after you’ve departed.
Why should I create an estate plan this holiday season?
The holidays bring families together. With that being said, the holidays are the perfect time to speak to family members and loved ones about the future. Individuals should consider creating an estate plan this holiday because:
Perfect opportunity
Typically, people spend the holidays with their families. During the holidays, individuals have a great opportunity to discuss important questions and facets about their future. During this time, an individual ca ask a sibling or relative to be the executor of their estate or a trustee on a trust.
New family members
The holidays are considered quite romantic as it is the “most wonderful time of the year.” This entices individuals to propose. Additionally, the holidays encourage individuals to announce they are pregnant as they want to share good news with all of their family members together. Individuals should account for any significant changes that take place during the holidays because they may want to include their new family members when estate planning.
Gifts
A huge part of the holidays is giving and receiving presents from loved ones. Sometimes, individuals may be gifted money or expensive items such as a car. Unfortunately, unexpected things happen and life is always changing. Individuals must be prepared for the unknown, meaning they must plan for the unexpected. Individuals should create an estate plan as it will protect any large sums of money an individual has received as a holiday gift or expensive item.
Prepare for unexpected events
As mentioned above, unexpected things happen and individuals must be prepared for them in the future. An individual may become incapacitated which means they cannot dictate what they want as they are debilitated. However, if an individual names a power of attorney in their estate plan as well as sets up an irrevocable trust, their wishes will be carried out as they desired and their hard-earned assets will be protected. Having an established and up-to-date will is critical when it comes to estate planning. In a will, individuals can specify their wishes.
During the holidays individuals have the perfect opportunity to ask their loved ones relevant questions about their future. If you need help creating a successful estate plan as part of your New Year’s resolution, please don’t hesitate to reach out to one of our experienced team members. Our firm is committed to helping our clients protect their hard-earned assets for the future.
