Thomas-Walters Estate Planning - May 2020

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May 2020

Relieve the StressThrough Open Communication Talk to Your Family About Your Estate Plans

This is the time of year when folks start to think about their summer plans. That might mean coming up with a few camping trips, taking an extended vacation, or just enjoying what there is here in North Texas. But before you head out to enact these plans, I want to urge you and your family to sit down and work through your estate plan. Getting your plan in place and talking to your loved ones about it protects both your assets and your family. Here’s the truth of the matter: No one knows what will happen when we leave home, which is why it’s so important to take these steps. If, for instance, you become sick or are injured during your vacation, you’ll have a power of attorney already in place. In situations where a power of attorney isn’t determined, it can lead to strain or even panic within the family. Whereas having an estate plan in place ensures that your family will know what financial or medical choice to make, should the need arise. No one has to worry about it. It’s a good idea to sit down with your loved ones and talk to them about your estate plan, especially before taking trips across the sea to another continent or country. There’s nothing more stressful than when an estate plan is misunderstood, and you can prevent that from happening by having these simple conversations. It can be easy for people — especially when emotions are running high — to become upset when they don’t understand something. Sadly, this happens most often when an estate plan is disproportionate. When one person is getting a little more than someone else, it has the potential to lead to hurt, confusion, and anger. Having these discussions about the choices you made can help significantly reduce any conflict that “Here’s the truth of the matter: No one knows what will happen when we leave home, which is why it’s so important to take these steps.”

may occur afterward. Then no one will be surprised when, after Mom and Dad pass away, their niece who is working through college receives a little more than their daughter who has found a successful career. Making sure your family understands your decisions and the plan you have in place is only one step; the next is to make sure they know where you keep those documents. In the event they need access to certain information, they won’t have to worry about digging through your filing cabinet to find it. Additionally, let your family know they can reach out to us if they have any questions regarding your estate plan. The attorneys here at Thomas- Walters Estate Planning, including myself, are here to help with anything your loved ones might need in regard to your plan. If they are confused about which steps they should take or are uncertain about an aspect of your estate plan, we are ready, willing, and available to answer any questions they might have.

Take the opportunity this summer to talk to your family about your estate plans and put everyone at ease.

-Les lie Thomas

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