Estate Planning: A Gift for Your Family

where you designate someone to make health care decisions for you when you are not able. The decisions provided for include whether or not to remove life support when a person is incapacitated, comatose, brain dead or is suffering from some terminal condition. Having this discussion during the holidays can be uncomfortable but by making your wishes known, it hopefully avoids conflict at a very stressful time for the family.

A will is the document where you leave your assets to whomever you choose, usually family. Things to consider include whether you want to make any charitable donations at the time of your death and your children’s ability to manage an inheritance responsibly. Factors such as age, fiscal maturity, and if they are subject to an addiction may have an impact on that decision. Another item that must be planned for is the situation where one of your beneficiaries has special needs and how to give the main inheritance to them without jeopardizing their benefits. Discussing the provisions of your will avoids surprises and unnecessary fights at the time of your death.

A revocable trust is an alternative to a will that some people use to avoid probate and gain some flexibility in how their estate is administered. Trusts are also used for management of a family cabin or hunting land. The size of your estate is not indicative of whether you need a trust, it is a fact specific analysis that you should go over with an experienced estate planning attorney.

Providing for the distribution of personal property can avoid family disputes over items that often have very little monetary value but great sentimental value. Examples of things that I see children fight over are wedding rings, the Christmas tree angel and the family cookie jar. It may seem silly, but because these items often have good personal memories for your children, their distribution can cause huge fights among the children leading to the destruction of the familial relationship. Discussing your estate plan with your loved ones at the holidays are a way to build family ties and show respect for your choices regarding your assets and health. Understanding your needs and goals clarifies how to proceed and prevents potential conflict. It may be a difficult conversation to have during the holidays, but will strengthen your family long-term and truly be a gift when they need it most. D

The information in this article is for general information purposes only. Nothing in this article should be taken as legal advice for any individual case or situation.

Yvonne Michaud Novak is a member of the American Academy of Estate Planning Attorneys which is an exclusive national organization of estate planning attorneys. She opened her own law office in 2007 after a varied career which included nursing home administration, estate planning and business paralegal, and work as a certified financial planner.