Amidst the gift exchanges and family dinners, the holidays present a rare opportunity for you to discuss your estate plans with the most important people in your life. While it can seem a little daunting to broach the topic, below are some ways to make it a little more lighthearted.
Be prepared
Make sure your documents are finalized and in order, so that you can clearly communicate what your plans are. Create a cheat sheet that details the location of your original documents, the names and contact information for the Executor and Powers of Attorney, and the contact information for your estate attorney and financial advisor.
Set the right tone
Focus on the idea that this conversation is about clarity and peace of mind, so that your loved ones will feel empowered and in control when the time comes. This conversation is about ensuring they know who to contact and what to expect, as well as understanding your wishes for their wellbeing and distribution of your assets.
It’s also important that this meeting is about setting expectations, not negotiating terms of inheritance. This is an informational conversation, so that your family doesn’t have to guess later on.
Choose the right moment
Aim for a quiet, neutral time such as after breakfast or the day after the main holiday festivities for a better chance of holding everyone’s attention. Also avoid times with heavy alcohol consumption, so that you and your family are clear headed.
Limit the guest list to those most directly involved, such as the executor, any trustees, spouses, etc.
Guide the conversation
Start out with a statement of your intentions and what you’ve put into place. Explain the key roles and who you’ve identified to fill them, along with what the expectations are. This is an opportunity to make sure that each person is comfortable in their role. Explain where the documents are stored and how to access them.
What not to discuss
Avoid getting into details about financial delineations or specific asset or property bequests to individuals. Stress that the documents will guide how your assets are distributed. This meeting is mainly to inform your family that you have an estate plan in place, who the key players are, and how they can access the documents.
Have more questions or need help finalizing your estate plan? Wills & Wellness can help.
Our expert attorneys can guide you through the process and help you strategize a comprehensive estate plan. And because estate plans are living documents, we can help you keep your documents updated as you move through life.