It is important to discuss your estate plan with your family. Some people struggle over when to do that. They could consider doing so over a holiday dinner, during this holiday season.
One of the most contentious issues many people face is talking about their own deaths and their estate plans with their friends and family. These are typically not the most comfortable of conversations for everyone involved.
Some people would rather just not talk about death. Others are afraid their family will be upset by the estate planning choices they have made. However, nearly all experts agree that one of the essential ingredients to having a successful estate plan and avoiding family fights over the estate is not to surprise family members with your plans. Talking about your estate plan is particularly important in Maryland and the District of Columbia because both states impose a tax on your estate when you die. Talking about your estate plan with your family so that they know how to handle these estate taxes, helps reduce any family friction on your demise.
If you let them know what your plans are and why you made those plans, they are more likely to accept them. If talking about your plans is uncomfortable for you, then you need to find a good time to do it. At Profit Law Firm, we can incorporate family meetings into the estate planning process. Contact us to create an estate plan that protects your loved ones and estate with the harmonious transfer of wealth.
The Street recently suggested one possible time for that conversation in “Thanksgiving Dinner Is a Perfect Time to Discuss Estate Plans.”
You read that right.
The article suggests you talk to your family about your estate plan while eating turkey and stuffing. The reasoning is that everyone is normally in a good mood while eating Thanksgiving or any holiday dinner. If that holds true in your family, it would be a good time to discuss your estate plan.
Of course, if your holiday dinner includes a crazy uncle who irritates everyone else, then it might not be the best time to discuss things.
The bigger point is the best time to discuss your estate plan with your family is when everyone is in a generally good mood already. Whenever that happens to be for your family is a good time to discuss your plans.
Reference: The Street (Nov. 15, 2016) “Thanksgiving Dinner Is a Perfect Time to Discuss Estate Plans.”