Around the Holiday Table: Estate Planning Reminder

As the holiday season approaches, families across the globe gather to celebrate, share meals, and revisit cherished traditions. These moments are not only rich in emotion but also present a unique opportunity to discuss the future, especially estate planning. While it might feel uncomfortable, these discussions can provide invaluable peace of mind.

Opening Statistics to Consider:

• Nearly 55% of U.S. adults don’t have a will or estate plan in place. Read more.
• Probate processes can easily consume 3–7% of an estate’s value, dragging on for months or even years. Learn more.
• 58% of families without an estate plan report disputes or conflicts after a loved one’s death. Find out why.

Why Estate Planning Matters

Estate planning isn’t just for the wealthy or elderly. It’s about making informed decisions for the future. Here’s what it means:

• Control – Decide who manages your finances, healthcare, and estate.
• Clarity – Ensure your loved ones know your wishes.
• Care – Protect minors, dependents, or pets with guardianship.
• Efficiency – Avoid unnecessary probate costs and delays.
• Legacy – Pass down assets, values, traditions, and stories.

Key Conversations at the Family Table

Here are some questions adult children and parents can ask each other to start the conversation:

Questions for Adult Children to Ask Parents:

These questions aim to clarify your parents' planning:

• Do you have an up-to-date will or trust in place?
• Who will make financial and medical decisions if you can't?
• Have you shared your medical care and end-of-life wishes?
• Would we know where to find your important documents?
• Are there heirlooms or stories you’d like us to know?
• Do you feel confident in those chosen to handle your affairs?

Questions for Parents to Ask Adult Children:

These questions help gauge your children’s preparedness:

• Do you know where to find my important documents?
• Have you considered setting up your own estate plan?
• Would you know what to do with an inheritance?
• Are there family keepsakes you’d want to continue?
• If needed, what support would you require to help us?

How to Initiate These Talks

Try to bring up these questions during quieter moments, such as a walk or post-dinner coffee, rather than at the main holiday meal. This keeps the atmosphere relaxed and open.

The Gift of Planning

Discussing estate planning now can prevent future legal hassles and emotional pain. This holiday season, embrace the opportunity to provide your family with the gift of clarity and love. If you’re uncertain about where to start, reach out to a trusted advisor for guidance. Estate planning is ultimately a gift for those you love most.