Starting the Estate Planning Conversation Over the Holidays

As the holiday season draws families together, it's one of the rare moments when multiple generations gather in one place. These gatherings are filled with shared meals, laughter, and the passing down of family stories and traditions. While these moments are precious, they also provide an ideal opportunity to discuss the future—particularly estate planning.

Nearly 55% of U.S. adults don’t have a will or estate plan [source]. Without clear plans, probate can consume a significant portion of an estate's value and lead to family disputes later [source][source]. Estate planning isn't just about wealth; it's a gift of clarity and love to your family, ensuring peace of mind for everyone involved.

Key Questions to Consider

For Adult Children:

Asking your parents these questions can prevent painful surprises later:

• Do you have an up-to-date will or trust in place?
• Who have you chosen to make decisions if you’re unable to?
• Have you shared your wishes for medical care?
• Would we know where to find important documents and accounts?
• Are there heirlooms or traditions we should learn about?
• Do you feel confident in the people you've chosen to handle your affairs?

For Parents:

Initiating these conversations with your children can foster future planning:

• Do you know where to find my important documents in an emergency?
• Have you considered creating a will or estate plan?
• Would you know what to do with an inheritance?
• Are there family keepsakes or traditions you'd want to continue?
• If needed, what support would you require to assist us?

Consider bringing up these topics during a quiet moment or a walk, rather than over the main meal, to ensure a more relaxed discussion.

The Benefits of Estate Planning

Estate planning is about:

• Control: Deciding who manages your affairs.
• Clarity: Ensuring your wishes are known.
• Care: Protecting dependents.
• Efficiency: Avoiding probate hassles.
• Legacy: Passing on your values and stories.

Empower yourself and your family by discussing these matters now. By doing so, you can prevent confusion and stress in the future. If you need guidance, reach out to a trusted advisor to help lead these meaningful conversations.