This post is for parents.
It’s for kids.
It’s for grandkids.
It’s for anyone who wants to give or receive a present for Christmas or any other holiday you celebrate.
In short, this post is for everyone. Because everyone gives and/or receives presents and everyone can benefit by having (or by your parents and/or grandparents having) an estate plan.
So if you have been frantically searching for a Christmas present or racking your brain to come up with your own wish list, you can stop now. Your search is over. I have found the perfect Christmas gift.
Kids: Ask Your Parents For An Estate Plan
One of the funny things about getting older is that I have a lot more appreciation for stuff that I used to think was boring. Take socks, for example. If I get a good pair of socks for Christmas and nothing else, I would be content. And socks are so important and sensible, if I tell my parents I want socks for Christmas, they feel like they can’t say no.
Because what kind of parent would say no to giving their kid some socks?
Fortunately, you don’t have to settle for socks. Instead, tell your parents or grandparents that you want an estate plan for Christmas this year. An estate plan is great regardless of where you are in life:
Maybe you are single and just need a Durable Power of Attorney to make sure someone can make decisions for you if you ever can’t make them for yourself.
Or maybe you are married with no kids and want to make sure your spouse can receive all your assets after your death without needing to go through probate.
Or maybe you have young children and want to provide a guardian who can take care of them if something ever happens to you.
Whatever the case, an estate plan can make things easier on you and your loved ones in the event anything happens to you. And it’s really hard for parents or grandparents to say no to something that sensible and adult-y.
Alternatively, you could help your parents or grandparents kill two birds with one stone: Ask them to get their OWN estate plan as a gift to you.
If your parents or grandparents die without an estate plan, their assets could be subject to probate. And oftentimes, kids end up being the ones responsible for managing that process.
Probate can be a pain. It takes a minimum of 4-6 months (and usually quite a bit longer than that) in Oklahoma, requires a lot of work, court appearances, and costs, and can cause all sorts of conflict and frustration.
Wouldn’t it be nice if you parents or grandparents did something to help you avoid all that trouble?
The good news is that they can do something. They can put their affairs in order by creating an estate plan, writing an estate planning letter of instruction to help you administer their estate after they are gone, and having a “fire drill” where your parents explain their estate plan so you are not completely surprised by what they have decided.
If you already have an estate plan or are simply more concerned about your parents or grandparents setting their affairs in order, tell them that what you want most for Christmas is for them to get an estate plan.
It’s really hard for them to say no to that idea.
Parents: Get An Estate Plan For Your Kids or Grandkids
If you have adult children or grandchildren, this part of the post is for you.
People delay estate planning for a lot of reasons. Most of all, they don’t think they need an estate plan until they get older. But sometimes people wait too long. And if your kids or grandkids do not have an estate plan when they really need it, their loved ones could end up paying the price.
For that reason, encourage your children/grandchildren to organize their affairs by buying them an estate plan for Christmas this year. If you cover the cost, they will have no excuse to delay planning any longer!
Estate planning is important regardless of your child/grandchild’s situation in life:
Whether they are married or unmarried, young professionals should have an estate plan that at least includes documents like a Durable Power of Attorney, an Advance Directive for Health Care, and a Nomination of Guardian.
Entrepreneurs need to have an estate plan that provides for the management and/or winding up of their business affairs in case something happens to them — with minimal hardship to their family.
And if your children or grandchildren have children of their own, it is all the more important for them to have a Will or Trust that provides for their family.
On the other hand, you don’t necessarily have to buy your kids or grandkids an estate plan to give them something of value. If you do not currently have an estate plan, consider planning your own estate so that your children or grandchildren don’t have to worry about it.
If you die without a well-organized estate plan, your children or grandchildren will likely have to take care of everything. I have seen families torn apart over probate. Siblings who got along fine before probate end up never talking to each other again after fighting over a parent’s estate.
One of the greatest gifts you can give your children/grandchildren is trying to ensure they will never have to go through that hardship by creating a solid estate plan.
Additionally, creating an estate plan gives you the peace of mind that comes with knowing you have made things easier on your family and done what you can to avoid disputes. If that’s not a good Christmas present, I don’t know what is.
Get An Estate Plan For Christmas
Christmas is a time of giving. If you are struggling to figure out what to get your loved ones this year, consider an estate plan. Whether it is for your parents, for your kids, or for you — everyone benefits. That’s Christmas spirit at its finest.
To visit with a qualified attorney about creating an estate plan, contact the experienced Oklahoma City estate planning attorneys at Postic & Bates for a free, no-obligation consultation appointment by clicking the button below. And ask us about special gift discounts if you schedule an appointment before the end of December.
David M. Postic is an attorney at Postic & Bates, P.C. His practice focuses on estate planning, probate, real estate, trust administration, business planning, and adoption.
You can email David through our Contact Us page or by calling our office at (405) 691-5080.
[As with all our blog posts and other publications and resources, the contents of this article do not constitute legal advice and are subject to our site-wide disclaimer.]
