Share Family Meals, Memories, and Estate Planning During the Holidays
Over the next few weeks, many will have the opportunity to share moments with friends and family during the holiday season. In the right circumstances, the holidays can provide the perfect opportunity for relaxed conversation surrounding the legacy you and your loved ones will leave behind. While keeping the details light, you can discuss how loved ones intend to accomplish their plans for the future, and how you can help ensure their plans are fulfilled.
What’s Your Family’s Estate Plan?
Start the conversation by asking your loved ones if they have a family estate plan. If so, do they know where it is or when it was last reviewed? Does their plan still reflect their wishes accurately? Have they notified the individuals named in the capacity of executor/personal representative or trustee?
What is an Executor?
Also, ask your loved ones if they’ve named an executor for their plan. The role of the executor/personal representative can be very demanding and emotional. Conflicts can arise and responsibilities can mount as the executor works through the estate settlement process. The individual who is named in this capacity must be willing to accept the obligations and if not, a suitable alternative is appointed.
Should You Seek Professional Advice?
Dependent upon the situation, family estate plans can become increasingly complex when you factor in aspects such as the assets involved, business ownership, and children with special needs. If you know your family has many complex layers to it, it may be beneficial to include professionals specializing in building estate plans like an attorney, accountant, and trust officer.
Southeast Trust
Southeast Trust knows that your family’s legacy is important to preserve and continue with dignity. Let us help you through the process by connecting you with professionals who can create a plan that reflects your intentions.
Southeast Trust Company, LLC is a wholly owned Service Organization of MIDFLORIDA Credit Union. Trust and investment products are not insured by NCUA or any federal government agency, and are not a deposit of or guaranteed by MIDFLORIDA Credit Union or any credit union affiliate. Investment products involve risk and may lose value. Website content is provided as a general source of information and should not be considered personal investment or legal advice or a solicitation to buy or sell any investment product.