“On the first day of Christmas, my true love gave to me a partridge in a pear tree.”
—The Twelve Days of Christmas
A partridge in a pear tree? Lords a-leaping? Many of us may know the lyrics to “The Twelve Days of Christmas,” but few likely know its origin or the meanings behind the song. And what is the story with the 12 days, anyway? Isn’t there just one?
The popular song was inspired by the 12-day liturgical season in Christianity known as Christmastide, which runs from December 25 to January 5. It began as a Church tradition and later inspired a period of feasts in medieval and Tudor England, as well as an English folk song. The modern version we know was not written until 1909.
The song may be about symbolic gifts of love and melody, but in estate planning, the most valuable gifts you can give bring clarity, protection, and peace of mind—and that lasts well beyond the holidays.
Keeping in the spirit of the song, consider the following 12 estate planning gifts, each one a practical step you can take to protect your loved ones and plan for your future.
Estate planning step: Schedule meetings with your financial advisor and estate planning attorney to discuss your priorities, values, and needs. Laying this groundwork ensures that every step that follows serves your core objectives. Be prepared to discuss family dynamics and special circumstances; pinpoint your legal objectives (e.g., minimizing estate taxes or avoiding probate); and determine which financial and estate planning strategies best meet your needs.
Estate planning step: Before meeting with your advisor and attorney, gather your personal, financial, and family information, including names, birth dates, and contact information for your children, stepchildren, spouse, siblings, and other loved ones. Consider involving your spouse or your closest family members early. Including them early helps ensure that everyone understands your intentions, avoids misunderstandings, and reduces the risk of surprises or conflict later.
Estate planning step: Take time to identify your beneficiaries and understand their individual needs—financial, emotional, or otherwise. Knowing what you want to support in each person’s life helps shape a plan that is both practical and meaningful. But do not stop there; think carefully about whom you trust to carry out your wishes, since the success of your plan depends on choosing the right people to fulfill your intentions when the time comes.
Estate planning step: Prepare an inventory of everything you own and owe, including a complete list of your assets (e.g., accounts and property), income information, and existing insurance policies, as well as your debts. Have this information organized and ready to share at your meetings with your advisor and attorney, ensuring you can effectively defend and protect your loved ones through your estate plan.
Estate planning step: Preparing for the unexpected means considering many possible scenarios. Your estate plan should be flexible enough to adapt as your life, family, and finances evolve. Before meeting with your advisor or attorney, review any recent life changes, such as births, deaths, marriages, or the acquisition of new assets, and consider how your goals may shift. This will enable your plan to be designed to grow and adapt with you.
Estate planning step: An estate plan encompasses more than distributing your money and property after you have passed away. Creating a thoughtful plan that conveys your wisdom and values to your beneficiaries can be just as meaningful. Think about what family histories, stories, or personal philosophies feel crucial to share with the next generation. You may include these in a legacy letter that accompanies your estate plan. Taking this step not only strengthens your legacy but also provides new opportunities and perspectives for the next generation to build upon.
Estate planning step: Finalizing and signing your estate planning documents is essential to ensure that they are legally valid and enforceable. Because requirements for witnesses, notarization, and execution vary by state, working with a qualified professional helps ensure that your documents meet all legal standards and reflect best practices in your jurisdiction.
Estate planning step: Focus on your goals, not just your net worth. Like the milkmaid who found meaning in her everyday work, view your estate plan to care for the people and values that matter most—both during your lifetime and after your death. A well-crafted plan can also guide and protect you during periods of incapacity (when you are unable to handle your own affairs), ensuring that your daily life and decisions continue to reflect your wishes.
Estate planning step: Partner with a professional to master all the right estate planning moves. If you establish a trust-based estate plan, fund the trust, i.e., transfer assets into it, so it works as intended and avoids probate. Another smart move is to keep your beneficiary designations up to date, ensuring that your accounts align with the rest of your plan.
Estate planning step: Taking the lead involves helping those around you. In estate planning, communicate the key elements of your plan to all key partners involved, including your fiduciaries and beneficiaries. Ensure that they are aware of the location of your documents, who is responsible for what, and what you expect from them. By involving your loved ones in the conversation, you provide them with clarity about your wishes and ensure that they are supported when life feels uncertain.
Estate planning step: Once you have completed your carefully curated “playlist” of estate planning documents, store your plan securely (both physically and digitally), and maintain a summary or index that helps your loved ones quickly find what they need.
Estate planning step: Set a regular review schedule—annually or after significant life events such as marriage, birth, or a move—to keep your plan current with your life and the law. We suggest that your documents be reviewed every 4 years.
Knowing where something came from, whether a song, a family tradition, or a personal value, deepens its meaning. The same principle applies to your estate plan.
To create a plan that reflects who you are and what you care about, your advisor and attorney need to understand your history, relationships, and goals. It may take longer than 12 days to create your plan once we have all the information, but you will have a gift far more valuable and lasting than anything found under the tree.
This holiday season, as you reflect on the year and spend time with loved ones, you can take real steps toward securing your family’s future—one meeting, one conversation, and one thoughtful gift at a time. Call the attorneys at Altman & Associates at 301-468-3220 or visit our website at altmanassociates.net to create or review your existing estate plan.
