Families often travel many miles to get to their destinations for the holidays. It is a wonderful time to catch up and reminisce, but some experts say it is also an ideal time to discuss estate planning.
According to the news source, asking family members if they have chosen an executor for their estate may be a good place to start the conversation. An executor is someone who administers the estate and takes care of collecting the assets, paying any debts and eventually distributing the assets to the beneficiaries. In some cases, it is beneficial to appoint an alternate executor. Having a full understanding of who the executor is and any other alternates will only make the process easier.
Another question to ask family members is whether or not they have drafted a will and, if so, where it is located. If family members haven't created a will, it might be a good time to encourage them to do so.
In some cases, conflicts can arise after family members have passed away. To prevent any conflict, it may be wise to have family members explain their intentions so that everyone is clear what will happen to the estate when they are gone.
Additionally, it may be wise to talk with family members about other assets that they have that aren't included in a will and how they would like those assets distributed.
Not everyone is receptive to these types of conversations, but it may be beneficial to let family members know it is a topic of interest and something that can be discussed at another time.
Source: The Gazette, "Why holidays might be the perfect time to talk estate planning," Leanne Kaufman, Dec. 14, 2011













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