Report: Holidays are a good time for estate planning

In today’s world, it is not always easy to get everyone in the family under one roof. With the holidays approaching, however, many families in Oklahoma will gather in the same place to celebrate. Experts are suggesting that this is a good time to talk about estate planning, ensuring that the people who will be most affected by certain decisions will be present.

According to a recent report from The Street, there are a few ground rules that can help ensure that any planning done over the holidays runs smoothly. One of the most important pieces of that is to let family members know ahead of time that the discussion will be taking place. This helps to avoid an awkward situation around the dining room table.

Additionally, if there are people who cannot be there for the conversation, families should use videoconferencing or other technology to make sure they are included. Further, the conversation should be treated as a meeting, during which cell phones and children are not allowed. It is possible that there will need to be additional family meetings and conversations, as the initial gathering may prompt questions that need further discussion.

Industry leaders acknowledge that some families may balk at the idea of tackling a topic such as estate planning during what is supposed to be a joyous occasion. If a family chooses not to discuss plans over the holidays, they should come up with an annual time during which everyone will be updated as to how assets will be distributed. Anyone who has concerns over how these matters should be handled is advised to consult with an attorney.

Source: The Street, “Estate Planning Over Thanksgiving? Time to Talk Turkey,” Jason Notte, Nov. 9, 2015

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