Estate Planning and the Holidays

millman law group estate planning and the holidays

Estate planning and the holidays go hand-in-hand because it’s a great time to think about your family’s future.

Spending more time with your family during the holidays means you also have a chance to consider your estate and your family’s future. For some relatives, this may be one of the few times you can see them in person this year. Communicating your wishes to your family is necessary, as this helps prevent misunderstandings when you pass. If you want to learn more about how estate planning and the holidays work together, consider the following and contact your Millman Law Group attorney for assistance. 

Family Property 

To declare how you want your property distributed and to whom, you must establish a legal estate plan to ensure your wishes are followed after your death. You can also distribute property through a trust. A trust can prevent the need for probate and transfer property ownership more efficiently. When estate planning during the holidays, carefully consider your property and who you want to receive this property after your death. 

Financial Accounts

Another important consideration for your estate plan is what happens to your financial accounts. If another person is named as a joint tenant with rights of survivorship on your account, they can access and control the funds. Alternatively, the account owner can designate a beneficiary to receive the funds upon the owner’s death. Consider what you want to happen to the following accounts: 

  • IRAs
  • Pensions
  • Investment accounts
  • Checking accounts
  • Life insurance policies
  • Savings accounts
  • 401(k)s

You may also name a trust as the beneficiary of financial accounts, which can help you provide for minors in your family. 

Power of Attorney: Medical and Financial

You can create a living will that outlines end-of-life treatment they want and do not want. A person may also name a healthcare proxy that makes medical decisions on their behalf if they cannot make decisions themselves. Additionally, a durable power of attorney is named in an estate to manage the financial and legal details of a person’s life when they cannot due to illness or injury. Estate planning and the holidays work together by helping you consider which family members may be best for these responsibilities. 

When to Make Changes to Your Estate Plan 

Estate planning and the holidays often go hand-in-hand because they are excellent times to evaluate whether you need to change your estate plan. It is a good idea to update your plan with your attorney whenever significant life changes occur, including: 

  • Divorce
  • New marriage
  • Birth or adoption of a child
  • Relocation to another state
  • Acquisition of property 
  • Death of a beneficiary 
  • Purchase or sale of a business
  • The need to care for a loved one with special needs
  • A significant change in the value of your assets

Tips for Estate Planning Discussions

When discussing your estate plan with your family over the holidays, remember the following: 

  • Talk About It: Discuss your plans throughout the year, and let your loved ones know you want to set aside some time to talk over their holiday visit. 
  • Ask for Help from a Professional: Using your professional estate planning attorney to assist you in your conversation can help keep the discussion from getting too emotional and ensure that important topics are covered clearly. 
  • End on a Positive Note: Emphasize your desire to have your wishes known so your loved ones have peace of mind when you’re gone. 

Estate Planning Made Easy With Millman Law Group

Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.