There’s No Time Like Thanksgiving to Talk About Your Estate Plan

The upcoming holidays provide a golden opportunity.

Thanksgiving is coming — and it’s one of the best times of the year for you and your family to talk about what really matters over turkey.

That means having a serious talk — not about the bird or something as sensitive as politics and religion, but about money. 

Because everyone’s together for a few days, including those who live far away, the holidays provide a good opportunity for close family members to talk about financial matters — such as estate planning.

For example, you’ll want to let your children know where you keep your will, medical directive and trust documents. And make sure everyone knows whom you’ve named as your executor or trustee.

If you have grandchildren, consider telling them a story or two from your past that teaches financial principles — perhaps how you saved for your first car or the opportunities (or lack thereof) you’ve had because of education. If the kids get money as gifts, perhaps bring up the value of saving. Make it just a simple story — not a sermon.

Of course, when it comes to bigger financial issues, some people prefer to have a disinterested third party facilitate discussions — at another time in a neutral location. If that’s the case, your financial planner will be glad to assist.

If you’d like to give your children or grandchildren any of my books (which can often serve as conversation starters) during the holidays, just ask your Financial Planner for some free copies.

Happy Thanksgiving to all!