Mt. Juliet and Lebanon TN
The holiday season is filled with great food, joyous family gatherings, and holiday merriment. While it may seem like discussing a will or estate planning is a taboo topic during the holiday season, it can be an excellent time to start the conversation while you gather with your loved ones. Therefore, our Nashville area estate planning attorney at the Law Office of Yancey Belcher shares five reasons to discuss your will or estate plan during the holidays so that you can have peace of mind in the unexpected event of your death.
With busy schedules and family members living across the country, it can be challenging to get everyone in one place at one time. For most families, Christmas is a very special holiday when they get to see loved ones they normally don’t see throughout the year. Therefore, our Hermitage estate planning lawyer explains that the possibility of someone joining you during the holiday increases. Fortunately, having your loved ones gathered together can allow you to have the necessary conversations with a group or individuals.
A Prosperous New Year
It’s a common misconception that only ultra-wealthy people need an estate plan to protect their assets or continue their legacy. However, our Mt. Juliet estate planning attorney explains that the stigma is false and estate planning can benefit anyone. For example, 60% of all Americans who die without an estate plan leave their earthly possessions to be taxed and divided according to preestablished federal and state laws. In some cases, it could mean your assets aren’t divided the way you wish. Unfortunately, without an estate plan, others will fail to care and disregard the best interest of your family, heirs, and legacy.
It’s not all about the fruit cake
Creating an estate plan is more than passing along your favorite fruit cake recipe or dividing your assets. Your estate plan can include items like what you want to be remembered for or things you want to pass on to the next generation. Our estate planning lawyer in Nashville explains that you may also include personal values, medical care, educational trusts, charitable gifts, taxes, pets, or more. So, while you’re gathered during the holidays, think about or discuss family-related items that you would like to include in your estate plans.
Making a list, checking it twice
Whether you have an estate plan established or need to create a new one, your plan should receive a brief review at least once every four years.
However, our estate planning attorney in Hermitage explains that there are a few events below where you should review your estate plan immediately.
- Birth of a child or heir
- Change of residence
- Beneficiary changes
- Marital status change
- Beneficiary deaths
- Significant changes in your asset’s character or value
- Death of a trustee, guardian, or personal representative in your will
- Changes in federal or tax laws for estate tax deductions and calculations
- Privacy or other law changes that affect access to financial or medical information
See you next year
One of the biggest reasons to have tough conversations during the holidays about your will or estate plan this year is that you never know when it will be the last time that you see your loved ones. Waiting to have these crucial conversations may result in losing a large majority of your assets to unwanted places in the event of sudden death. Therefore, our Mt. Juliet estate planning lawyer recommends capitalizing on the opportunity this holiday season to get your personal affairs in order before it’s too late.
Wills and Estate Planning in the Nashville area, including Hermitage and Mt. Juliet, TN
Setting up an effective estate plan that’s continuously updated will ensure that your final wishes are granted. However, if you pass on having the tough conversations that need to happen to set up your estate, you could risk losing everything. So, whether you have an estate plan or not, now is the best time to contact our Nashville area estate planning attorneys at the Law Office of Yancy Belcher to start putting your plan together to protect your assets and legacy. Please call our office at (615) 773-2889 or contact us online to schedule a consultation to plan your will or estate today.