As Thanksgiving approaches, many families gather together to express their gratitude and appreciation for one another. It’s a time to celebrate the bonds of family and the legacy we create for future generations. One way to ensure that your legacy endures is through estate planning.
Estate planning is the process of preparing for the transfer of your assets and personal belongings after your passing. It’s an important step for every adult, regardless of their age or wealth. Thanksgiving is the perfect time to consider estate planning as you gather with loved ones and reflect on what you hope to leave behind.
Here are a few ways to incorporate estate planning into your Thanksgiving celebration:
- Discuss your estate plan with your family
One of the biggest mistakes people make is assuming that their loved ones know their wishes regarding their estate. Use the time you spend with your family over Thanksgiving to discuss your estate plan with them. Make sure they know where your important documents are kept and who to contact in the event of your passing. By discussing your estate plan openly with your family, you can avoid misunderstandings and ensure that everyone is on the same page.
- Update your estate plan
If you already have an estate plan in place, use Thanksgiving as an opportunity to review and update it. Has your family situation changed? Have you acquired new assets or property? Have your wishes regarding your healthcare or end-of-life care changed? These are all important factors to consider when updating your estate plan. By ensuring that your estate plan reflects your current wishes, you can have peace of mind knowing that your legacy is secure.
- Consider charitable giving
Thanksgiving is a time of giving thanks and showing gratitude. Consider incorporating charitable giving into your estate plan. By leaving a portion of your estate to a charity that is important to you, you can leave a lasting impact on the world. Not only will your legacy live on through your charitable giving, but you may also be able to reduce your estate taxes.
- Plan for your digital legacy
In today’s digital age, it’s important to consider your digital legacy. Do you have social media accounts, digital assets, or online banking accounts? If so, it’s important to have a plan for what happens to these assets after your passing. Discuss your wishes regarding your digital legacy with your loved ones and consider including instructions in your estate plan.
Thanksgiving is a time to reflect on the blessings in our lives and the legacy we hope to leave behind. By incorporating estate planning into your Thanksgiving celebration, you can ensure that your legacy endures for generations to come.