Why Thanksgiving Is a Great Time to Discuss Estate Planning
Thanksgiving is, as most people say, the time to steer clear of contentious subjects like politics, religion, money, and so forth. And while you're enjoying a beautiful Thanksgiving dinner, watching the parade or game, or eating your meal, I know that nobody wants to talk about a time when they're not well or even here and that estate planning is the last thing on your mind. Nonetheless, Thanksgiving is a great occasion to discuss estate planning, particularly with relatives who tend to shy away from the subject.
Thanksgiving provides an opportunity to discuss family members' lives, future plans, and needs for assistance in getting ready for those plans. Now that everyone is united and in a food coma, it's a great time to start talking about how they may best safeguard themselves and their future.
Having a loved one who refuses to create a plan for the future, particularly if they are in bad health, may make estate planning a very unpleasant matter. Trust me, I get it. But, if brought up and handled appropriately, you can frequently start these discussions in a way that benefits your loved one as well as yourself.
Ways to Address It
Conversations about inheritance planning are rarely easy, but over your Thanksgiving table, they could feel even less natural. On the other hand, you can walk into an amazing conversation and opportunity if you choose your time well. Get some quiet, serene, and alone time when you can. The intention is for this to be a gentle and natural transition rather than one that makes someone feel attacked.
A good place to start is by asking where they store key documents and if they would be willing to give passwords in case they were unable to access them themselves. Make sure that their protection and well-being are the main points of emphasis. It is possible for some family members to get suspicious that you are merely requesting their money at this time.
It's usually simpler to start enquiring about their future goal, if one exists, after you start by asking about these crucial topics. People tend to assume that the plan they know they desire will automatically happen on its own. However, by starting the dialogue and posing the questions, you will learn a great deal about your loved one's preferences for care and values. They will be able to express their desires and take solace in the knowledge that at least one other person is available to support and shield them.
What are the essential details that you should be aware of?
The inability to truly comprehend what they would need to know or what information will be required to properly guide that loved one is a common reason why individuals avoid discussing the future with them. Thus, the following are some questions you should ask when you are thinking about launching or extending the estate planning and future-planning conversation:
If an estate plan is in place:
- Do you have a Trust?
- Do you have a medical power of attorney?
- Do you have a financial power of attorney?
- Where are these documents kept?
Should they be without an estate plan:
- What are your wishes for medical decisions?
- Do you have an attorney who can put your wishes in writing?
- Are you ready to set up at least a medical power of attorney and financial power of attorney?
These will be some of the most important questions you need to know, but there are a lot more that might come up.
What you must keep in mind
The most important thing to keep in mind is that talking about your loved one's future or estate plan is usually a continuous process. But you may start the conversation in a really positive and non-threatening way by bringing it up in a laid-back and joyful setting. We are aware that it can be difficult to have this conversation with loved ones and that it might be upsetting when they don't take any action. Remember that we are available to assist you in having these discussions with your loved ones and to reassure you that any action you take to help them secure their family, their possessions, and themselves is a great one.