Let’s Talk Turkey About Estate Planning

Let’s be honest. Most of us aren’t the type to finish our holiday shopping by Labor Day, and those New Year’s resolutions from 2023 are still clinging to the refrigerator door beneath a pile of other important notes. Life happens, but this holiday season, there’s an opportunity to make a change.

As you gather for Thanksgiving this year, take full advantage of your family being in one place. After indulging in turkey, stuffing, and mashed potatoes, but before the food coma sets in, find time to discuss your estate plan. The goal here is not to worry anyone, but to ensure they have peace of mind.

We encourage everyone to carve out time to discuss their estate plan. If you’re not sure where to begin, visit the estate plan section of our website for more information. In the meantime, here’s a festive six-point approach to make the most of your family’s time together:

T – Talk: Share your wishes with your family. Let them know whom to contact, where important documents are located, what assets you own, and which charities you support.

U – Update: Inform your loved ones about their roles in your key estate planning documents. These potentially challenging conversations can help reaffirm your decisions and uncover potential issues. Ensure your will, power of attorney, advance medical directives and account beneficiaries align with your plan. After all, these documents live a life beyond yours and need to reflect your current situation.

R – Revise: Priorities change over time, and the plan you made a decade ago may not align with your present goals and circumstances.

K – Keep: Store your documents in a safe place and let someone know where to find them.

E – Engage: Consider consulting professionals. Sure, you can go it alone to save money, but the cost of a qualified and competent professional can ultimately save money and headaches for your survivors, in the long run. If eligible, Armed Forces Legal Services is a valuable resource for drafting your plan.

Y – YOLO:  You only live once, so get your estate plan right.

Remember, this is the time of year for reflection and carrying on family traditions. Take stock of your life’s situation and complete the necessary steps to establish your estate plan.

The USAA Educational Foundation is a nonprofit, tax-exempt IRS 501(c)(3) and cannot endorse or promote any commercial supplier, product, or service. The content of this blog is intended for information purposes only and does not constitute legal, tax, or financial advice.