Taking Time This Holiday Season To Discuss Estate Planning
The holidays should be a time to spend enjoying your loved ones, family and friends. However, many families find that the holiday season is really the only time they are all gathered together in one place. Consider taking this time to have a straight-forward conversation about estate planning with your loved ones. Remember that this is a conversation that will help ensure that an elderly loved one’s wishes are granted with regard to their estate as well as help those beneficiaries and heirs with how to proceed if the elderly loved one dies.
Estate Planning Over The Holiday
This conversation does not have to include detailed spreadsheets and a detailed listing of finances. To ensure that children and beneficiaries understand what the estate planning wishes of an elderly loved one truly are, these conversations can be done in broad strokes. Either discuss the end of life care needs or decisions about how certain family heirlooms will be distributed. It is typically not a good idea to disclose exact amounts of inheritances as some heirs will change life plans accordingly.
Determine Who Will Have Power of Attorney
If a family has several heirs, the elderly loved ones will need to make a determination regarding who will have power of attorney with regard to both healthcare and financial decisions when those decisions can no longer be made independently. Giving that child or beneficiary the location of important legal documents, account numbers, or passwords can help the transition when the time comes. Additionally, always visit with your heir or beneficiary regarding your health care life choices and your wishes for life support.
Discuss Insurance Coverage
You may have life insurance or long-term care insurance or even insurance that will cover the end of life care. Discuss what insurance coverage you have, and how they can be accessed when necessary.
Your heirs or beneficiaries may have a lot of questions. Let them ask their questions so that they fully understand your wishes and their responsibilities. This can help ensure that there are no family battles after the elderly loved one is gone, as all issues were discussed together and agreements were made.
If these discussions occurred among family members prior to your loved one passing away, and now the estate documents or wishes of your family members are contested by different members of the family, you should consider visiting with an experienced estate litigation attorney to ensure that your legal rights are protected.
Let Us Help You Today
The holidays are a time for families to get together and enjoy each other. However, if you are a family that rarely gets together, or rarely visits about important matters, consider taking this time to benefit not only your elderly loved one, but all of your family. If you find yourself in a probate battle either before or after your loved one’s death, contact an experienced probation litigation attorney as soon as possible to help you understand your legal rights. Contact our experienced Prince Frederick estate & trust litigation attorneys serving southern Maryland at Meng Law at 410-535-5500 or online today.