Is Your Estate Plan On The 'Nice' List?

As we approach the festive season and the summer heat begins to tease, conversations quickly turn to Christmas Day; who will be coming for lunch, who's staying for dinner, what's on the menu, who's bringing what, the rising cost of putting on a spread and buying presents for the ever-growing family, and, of course, the annual bets on whether Christmas Day will bring glorious sunshine or yet another disappointingly overcast sky.

Months of thought, planning, and care go into creating that one special day when everyone makes the effort to come together.

In many ways, that careful planning and attention to detail is not unlike creating an estate plan. Both involve balancing personalities, expectations, and resources; both require diplomacy, forethought, and patience; and both are ultimately acts of love, designed to bring family together, rather than drive them apart.

Just like Christmas lunch, an estate plan works best when there's a little transparency. You wouldn't wait until everyone's seated to spring the news that there's no ham this year, or that your husband is now sitting next to the brother-in-law he can't stand. You plan ahead, you gauge reactions, and you quietly adjust to keep the peace. The same principles apply to your estate.

Having open conversations about your intentions, such as testing the waters about who might make a good executor, or subtly mentioning, "Well Julie, you know you'll get this silver one day... but you all know Bill's great at organising things, so Bill, I trust you to make sure Julie gets it", helps set expectations and prevent surprises. Sharing your wishes, even in subtle, light-hearted ways, means your family knows what's coming, and no one's left arguing or hurt down the track.

For those of us in the business of wills and estates, just like thinking about the annual juggling act of preparing the perfect Christmas Day, it serves as a reminder that family dynamics – the blended families, step-siblings, estranged cousins, feuding children, and that one uncle who insists he knows how to get the pork crackling just right – play a crucial role when preparing a will or succession plan. After all, we all know that a well-considered estate plan, much like a thoughtfully prepared Christmas feast, ensures everyone leaves satisfied... and helps avoid arguments over who gets the last slice of your signature Christmas ham.

Festive tips to keep your Christmas holiday and your estate plan on the 'nice' list

Maintain transparency

Open conversations about your intentions may feel awkward (and might spark some expressive banter), but they prevent surprises and avoid a hostile and potentially costly game of "Who gets what?"

Consider the family dynamics

Just as you plan seating and prioritise dishes, consider who gets along, who doesn't, and who might need extra guidance. From grandma's quiet preference for the cousin who actually eats her marinated prawns, to dad's wish to leave the vintage wine to the daughter-in-law who truly appreciates it, understanding personalities makes all the difference when allocating responsibilities or assets.

Consult a lawyer who specialises in Wills & Estate Planning

Families can be complicated, and life rarely goes exactly to plan. If you're unsure where to start, a lawyer who specialises in estate planning can guide you through the complexities, consider everyone's needs, and help you create a plan that works for your family now and in the future, reducing the risk that what begins as a sunny family gathering turns into a stressful dispute.

So, this Christmas, while you're carving the roast or serving the pavlova, spare a thought for your estate plan. A well-structured plan isn't just about assets, it's about gifting your family peace of mind, clarity, and maybe, just maybe, keeping Uncle Bob from arguing over the family silver for another decade.

After all, the best gifts aren't always wrapped in paper; they're wrapped in careful planning, thoughtful discussion, and a generous helping of good humour. Remember, it's your memories and your legacy you are creating.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.