With the holidays just around the corner, now is the best time to talk about the best gift that you can give your family this season. I’m not talking about the just-released smartphone everyone’s been lining up for, or those trendy sneaks everyone’s been dying to cop. I’m talking about something more.
Before you get the wrong idea, I’m not telling you guys to skip gift-hunting and exchanging this year! Let’s face it—everyone loves to tear into wrapping paper for well-thought-out presents come the holidays. ‘Tis all part of the seasonal festive fun!!!
In this post, I’m here to shift our focus on something else… Something that’s just as thoughtful but to a greater extent much more meaningful, invaluable, and life-changing, even… So much so that you should consider gifting it this season, too.
Estate planning is the ultimate gift you can give your loved ones. Here’s why –
It benefits anyone… and everyone. (That includes you, gift-giver!)
An estate plan is a set of legal documents that names the persons (or charities, even!) you want to receive the properties that you own after death. (that is, among its many other purposes–an estate plan is more than just a will, remember?) With this, it’s pretty clear that estate planning benefits the people or organizations you love and hold dear… those whose future you want safeguarded even when you’re no longer here.
And how does it benefit you, you ask?
It puts you in charge–that’s how!! Because a well-crafted estate plan allows you to spell out your wishes and preferences regarding asset distribution, finances, health, and so forth, you’re sure that nothing will be abused and misused. You keep your control over your life, you keep your assets protected for the benefit of those whom you want to receive them, and you keep the future of your loved ones stable and secure. You give, you get, too!
It's a gift for all ages.
OK, I admit an estate plan isn't something the young ones will exactly enjoy and be able to comprehend fully (or at all!), but it’s something they will most definitely gain from later on. Best example? Providing for their educational needs! As most of my friends and clients have chosen, you can specify in your estate plan that certain assets (or amounts) be strictly reserved for college/university expenses or such other educational costs.
On the other hand, for the older generation, the same can be done, in that plans can be made to deal with any situation that might arise later on where financial assistance is needed. Household expenses? Illnesses and other hospital costs? Creditor issues? Yup, these are and may all be covered in an estate plan.
It’s far-reaching and wide-ranging.
Unlike the usual holiday stocking stuffers that get worn or consumed over time, the benefits that come with your estate plan can last for as long as you want them to. Depending on your goals, you can design your estate plan such that its effects are enjoyed for a long time by loved ones whom you made these reservations for. And of course, apart from this, you’re also very much welcome to include other estate planning tools you think you and your family might need based on your desired result. (because again, there’s more to estate planning than beneficiary designation!!)
Far-reaching? Check. Wide-ranging? This certainly gets a tick, too!!
Basically, and as I’ve already suggested above and in earlier posts: your plan, your rules. Because much like DIY gifts (I'm such a sucker for those!!), an estate plan is personal to you and your family. It's customizable to align with your dreams and, at the same time, address the needs of your loved ones, even those that would arise in the far future. Now if that’s not a perfect gift idea, I don’t know what is!!
Ready to personalize the best gift you can give your loved ones this season? Here to help! ;)
Looking forward to bringing gift-giving to a whole new level with you!