The holiday season approaches. Thoughts turn to holiday dinners, time with families and friends, greeting cards, the gift list. (writer R.T. Kahn theorized that there exists in this world one fruitcake, which we keep re-gifting.)
Gifts for business associates are easy enough to select, with stores, online and print ads to guide you. But what about special gifts for your closest loved ones — especially those who don’t need more material things?
When we were young, some of the gifts we made for our parents were the most cherished of all: They came from the heart, not the wallet.
The most thoughtful gift may be the devotion of a little time and attention to detail — putting our affairs in order, so that some day, whenever life is done, our loved ones will be left with an orderly succession, not a nightmare of paperwork and hide-and-seek.
Here are some gift-giving suggestions for the holidays:
1. Organization: Go through your papers. Separate and label closed financial accounts. In an Asset File, list your open accounts, with the address and phone number of each financial institution, along with the name of any account representative.
2. Directions: Prepare a “Letter of Instructions,” to be read by your family after your death. This letter should establish priorities, provide the location of your will, trust and other personal papers and list the names, addresses and phone numbers of attorney, accountant, insurance and financial professionals, and of others who may render special assistance. (For example, who knows the value of that coin collection and how to liquidate it best?)
3. Be sure your will, living trust and Advance Health Care Directive are up to date. The execution and funding of a properly prepared estate plan may best insure that, at your death, your wishes will be carried out and your assets transferable to your beneficiaries without costly, time-consuming probate proceedings and the payment of unnecessary estate taxes and attorney’s fees. A little planning, and the preparation of some basic documents, may be the most thoughtful gift of all – even though the recipients hopefully won’t have occasion to learn of your kindness for many years to come.
Jerry Kessler practices law in Santa Clarita. For a confidential consultation, you may call him at 661-255-1001.