Gathering Around the Holiday Table: A Time for Estate Planning

As the holiday season approaches, families are drawn together, often spanning generations. These times are rich with laughter, shared meals, and cherished traditions, creating perfect moments for meaningful conversations, including talks about the future and estate planning.

Statistics show nearly 55% of U.S. adults don't have an estate plan. Without a clear plan, probate could consume 3–7% of an estate's value and create conflicts within 58% of families.

Estate Planning: More Than Just Wealth Management

Estate planning is about control, clarity, care, efficiency, and legacy. It's the act of ensuring your wishes are respected and reducing the emotional and financial burden on your loved ones.

Family gatherings offer the ideal backdrop for these discussions. Here are questions to consider:

Questions for Adult Children to Ask Parents

• Do you have an up-to-date will or trust?
• Who is in charge of financial and medical decisions if you're unable to decide?
• Have you shared your wishes for medical care?
• Where can we find your important documents?
• Are there heirlooms or traditions you'd like us to know about?
• Are you confident in your chosen representatives?

Questions for Parents to Ask Adult Children

• Do you know where to find my important documents?
• Have you considered an estate plan for yourself?
• How would you handle an inheritance?
• Which family traditions mean the most to you?
• What support would you need if you had to help us?

Bringing Up the Conversation

These talks don't have to be formal. Consider starting them during a quiet stroll or a walk — moments when everyone feels relaxed and open.

Remember, estate planning is a gift of clarity and love. By starting these conversations now, you ensure peace of mind and prevent future confusion and conflict. If you're unsure where to begin, reach out to a trusted advisor for guidance.