Estate Planning Conversations: A Holiday Gift of Love

With nearly 55% of U.S. adults lacking a will or estate plan, the numbers speak for themselves. Even more concerning, probate can deplete 3-7% of an estate's value, prolonging the process for months. As families anticipate gathering around the festive holiday table, it's the perfect time to think beyond mere celebrations.

Holidays are magical, a time when generations come together, share meals, exchange stories, and cherish traditions. These moments, rich in emotion and togetherness, also present a golden opportunity to discuss the future. While estate planning might feel uncomfortable, addressing it now can bring lasting peace of mind.

Questions for Parents and Adult Children

For adult children, asking parents these questions can prevent future surprises:

• Do you have an up-to-date will or trust in place?
• Who have you chosen to make financial and medical decisions if you’re unable to?
• Have you shared your wishes for medical care and end-of-life planning?
• If something happened tomorrow, would we know where to find your important documents and accounts?
• Are there heirlooms or traditions you’d like us to know the stories behind?
• Do you feel confident that the people you’ve chosen to handle your affairs are still the right ones?

For parents, engaging adult children in conversation before surprises occur is crucial:

• Do you know where to find my important documents in case of an emergency?
• Have you considered creating your own will or an estate plan?
• If you received an inheritance tomorrow, would you know what to do with it — or who to turn to for help?
• Are there family keepsakes or traditions you’d be heartbroken not to have carried forward?
• If you had to step in to help us — financially or medically — what support would you need?

Bringing Up the Conversation Naturally

Initiate these dialogues in a gentle manner, perhaps during a serene walk or a quiet moment, rather than over the main meal. The goal is to keep the atmosphere relaxed and open.

A Gift of Clarity and Love

Discussing estate plans during the holidays is more than just financial preparation; it's an expression of care and clarity. These conversations help in avoiding confusion, legal battles, and emotional pain later. Encouragingly, think of estate planning as a heartfelt gift — a legacy of love and assurance for the family.

Feeling uncertain about where to start? Consider reaching out to a trusted advisor for guidance. Now is the time to turn the warmth of the holiday gathering into proactive planning for the future.