Securing Your Legacy
Navigating Estate Planning Conversations This Holiday Season
As the holiday season approaches, many of us are busy making lists and checking them twice. While gifts, decorations, and menus may be at the top of our minds, there is one crucial item that often gets overlooked: estate planning. While it may not seem like a festive topic, bringing up estate planning during the holidays is an important way to protect your legacy and ensure your loved ones are taken care of in the future. So before you finalize your holiday plans, make sure to add "estate planning" to your checklist. Trust us, it's a gift that will truly last a lifetime.
What is Estate Planning?
Estate planning is not just about distributing assets after death; it's about ensuring your wishes are followed, protecting your loved ones, and preserving your legacy. Without proper planning, your assets may be subject to lengthy and expensive legal proceedings known as probate. Estate planning allows you to designate beneficiaries, assign guardians for minor children, and minimize tax liabilities. It also provides peace of mind, knowing that you have taken steps to secure the financial future of your loved ones. Don't underestimate the significance of estate planning. It's not just about who gets your prized piano, it’s also about who will take care of your pet, prized collections, family heirlooms, and other assets.
Why Holidays are a Good Opportunity for Estate Planning Discussions.
The holidays are a time when families gather together, and what better occasion to bring up important discussions about estate planning? While it may not be the most exciting topic, it is a conversation that can have a significant impact on the future of your loved ones. The festive atmosphere and relaxed atmosphere of holiday gatherings can make it easier to broach the subject. So take advantage of this perfect opportunity to start a conversation about estate planning with your family. Here are a few different questions and approaches you can use to help kick it off:
Contextual Inquiry - "I was recently reading about estate planning and how the largest transfer of wealth will be happening in the next 20 years,. Did you know that? Have you done any estate planning?"
Concern-Based Approach - "I know it can be a tough subject to think about, but avoiding it can make things worse for the family, do you have an estate plan or have you considered making an estate plan? We can work together to create one if that is helpful. This quiz can walk us through some basic questions."
Financial Approach - “Did you know that only having a Will can cost your beneficiaries thousands of dollars because they’ll have to go through probate? On average it takes almost 16 months and 570 hours to settle an estate. The cost to do so is between 3%-10% of the total estate. You can use our calculator to determine what that would cost for your estate.
Legacy Approach - “I’ve been thinking more about the kind of legacy I want to create and leave behind. Is that something you’ve thought about? Have you thought about yours? What sort of steps have you taken to protect your Legacy? Read our article to learn about the different types of legacies.
Tips to Approach Estate Planning Conversations During Holiday Gatherings
Approaching Estate Planning conversations during holiday gatherings can be daunting, but with the right approach, it can be a productive and meaningful discussion. Here are a few other tips to help you jump in:
Timing is Everything - Start by choosing the right time and place – perhaps during a quiet moment after a festive meal.
All Feelings are Valid - Be sensitive to everyone's emotions and avoid pressuring anyone into making immediate decisions.
Context is Key - Frame the conversation around the importance of protecting the family's future and express your own desires and concerns.
Listen and Learn - Listen attentively and be patient with any resistance or hesitation. Understanding what their fears are will help you know how to guide the conversation.
Remember an open and honest conversation can lay the foundation for a secure and unified future and prevent family feuds, hurt feelings, and the loss of time and money. Estate Planning is not just about individual assets; it's about the well-being of your entire family.
If you have questions don’t hesitate to call or text Legado today.