When the holiday season rolls around, we think of family. We look forward to annual gatherings, dinners and catching up with those who we might only see a few times a year. Most people don’t immediately consider this a great time to discuss estate planning matters. However, since the family is all together, it could be the perfect time of year to have these important conversations.
One of the most important estate planning documents you can prepare is a will. A will details your final wishes regarding child custody, asset distribution and more. Naming an executor to take charge of distributing your estate is an important part of the process. Many people choose a trusted family member to take on the role, so a family gathering is a great opportunity to convey any instructions and ensure that they understand your wishes.
Power of Attorney Assignment
A power of attorney is a document that appoints a person to handle your medical and financial matters should you become incapable of doing so. It is wise to have a POA in place, no matter your age, as unexpected illness or injury can happen at any time. When family is together, you can convey your own wishes and select a trusted family member to represent you if you become incapacitated. Additionally, you can talk with aging parents and help them understand the importance of preparing a POA while they are still in good health.
Succession Planning for a Family Business
There can be many challenges involved when it comes time to pass on a family business to relatives. Succession planning is a strategic way to identify who will take over the major roles in the company. Developing a solid plan will help to ensure a smooth transfer of ownership and minimize disruptions to business operations when the time comes. During the holiday season when family gathers to celebrate, it is wise to take advantage of that opportunity to discuss important details of the business and develop a strong succession plan.
Trust Us for Your Estate Planning Needs
We understand that some of these topics don’t always make for comfortable conversations. But they are all important, and sometimes the holidays are the only time everyone is available to have a face-to-face discussion.
When you choose CQRH to be a part of your estate planning process, you can be assured that you’re working with respected professionals who have your best interest in mind. Our attorneys have decades of experience in estate planning matters such as will preparation, probate and trust administration, powers of attorney, succession planning, gifting strategies and much more. Contact us with all of your questions and concerns at 847-223-1500.