The Holiday Talk

The holiday season is right around the corner! With the family gathered, conversations about the future may arise. Your Estate Plan is something that may not be a topic that is easy to discuss with your loved ones, but these types of conversations are very necessary.

Empowering Family Members

You may choose to appoint specific family members to be responsible for making certain decisions on your behalf if you become unable to speak for yourself. These family members, or friends, in some cases, are referred to as the “Agents” or “Attorneys-in-Fact” in your Power of Attorney documents.

Your appointed agent will be responsible for making critically important choices regarding healthcare and financial decisions. It is important to delegate these responsibilities in a way that matches each family member’s particular strengths. For example, one family member may keep a cool head in stressful situations while another has a great grasp of financial matters. It is also important that the person you designate to be your voice knows of your decision to appoint him or her and that he or she agrees to take on this role. Being an Attorney-in-Fact is potentially stressful and time-consuming, so a conversation about what challenges and concerns your loved ones are currently facing can help determine your decision.

In addition to selecting the right agent, it is also a good idea to review your full Estate Plan with your family members. A discussion of this sort may help you determine the best strategy for distributing your assets to your loved ones. For example, did you know that if a family member is receiving certain disability benefits, an outright inheritance might actually jeopardize these benefits? Gathering this information can help your Elder Law attorney formulate an Estate Plan that best protects all of your loved ones. 

Benefits of the Talk 

If your family knows exactly what to do if a certain circumstance was to arise, such knowledge can alleviate their anxiety and confusion when they are called upon to carry out your wishes. Although Long-Term Care and Estate Planning are difficult subjects for many people to discuss, these types of conversations create an opportunity to get your loved ones on the same page about your wishes for the future – both before and after your passing. By involving your family in the planning process, you can ensure that your family values and traditions are passed on to future generations.

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