The winter holiday season is the perfect time to update your estate plan. During this time of year, you reflect on what is most meaningful in your life. You also deal with some stressful circumstances during the holidays.
It is vital to review and revise your estate plan on a regular basis, so why not start now? Here are some reasons why the holiday season should motivate you to ensure your estate planning documents are up to date.
1. You are surrounded by loved ones
Holiday gatherings with family members and dear friends remind you about what is most important. Spending quality time with these people is precious and priceless. When you see the people you love over the holidays, consider what assets you want to leave them. A solid estate plan will allow your family members and close friends to know your desires. Leave your loved ones the gift of security and confidence by ensuring your documents are accurate.
2. Drama and arguments
Unfortunately, holiday dinners are not always happy. Sometimes, the holidays bring out the worst in people. You may encounter feuds and fights during this time of year. This should serve as a reminder that families often squabble over inheritances. You can reduce the likelihood of your beneficiaries fighting over your estate by making sure your estate plan is clear and consistent. Updating your estate plan will reduce the chances of legal turmoil occurring when you pass away.
It is no secret that the holiday season can be expensive. Gifts, travel expenses, decorations and food can add up to a lot of money. These costs are a good reminder that you should work to save you and your loved ones from estate planning expenses. With a good plan, you can avoid probate costs and estate taxes.
A well-prepared estate plan can be the best gift you give to your family.