Why Summer Is the Best Time to Review Your Estate Plan

Nobody wants to face the hard reality that they will eventually die.

Estate planning is vital and best done in conjunction with heirs.

Although not the first person to make this kind of joke, in 1789 Benjamin Franklin told Jean-Baptiste Le Roy: "In this world nothing can be said to be certain, except death and taxes." The joke was meant to be about taxes, but the inevitability of death is just as important when you are looking at estate planning. Here's why this summer could be the best time for you to review your estate plan.

Deep down inside, we all know that we'll pay taxes until we die. While we'll happily deal with the tax issue, dealing with death is far more complex. It hits us on an emotional level that is difficult to explain and, for some, even harder to overcome. That's especially true when you are in the middle of dealing with life and all that it throws at you.

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And yet summer can offer a brief respite from the normal grind. Schools are out, people take vacations, and the hectic pace of the world seems to slow down just a notch. That could be the breathing room you need to face the emotional stress of dealing with your estate plan . And, since you likely completed your taxes just a few months earlier, you probably have a good handle on what your estate looks like. After all, the paperwork needed to complete taxes is basically the same paperwork you need to evaluate where you are in your financial plan, including creating a balance sheet and a list of your assets. But the final stage of that financial plan is estate planning.

You have the paperwork, and you likely have the time, so get to work. But don't forget who your estate plan is meant to benefit: your heirs. This is where vacations play a big role, since you may actually have a chance to sit down with your children and grandchildren as you or they take a summer vacation. It probably won't be an easy conversation, but if all of the pieces of the estate planning puzzle line up for you, don't waste the opportunity. Put the conversation off too long, and it may be too late.

Of course, there's a flow in an estate plan. From spouse to spouse, to children, and perhaps on to grandchildren. However, if only one spouse handles the finances, a child might need to step in and help the other spouse with money management for a period of time. And young grandchildren won't be legally able to deal with inheritances if they get one. There are other issues that may need discussion, too, such as how to handle large assets, like a vacation cottage used by the entire family.