Nearly 55% of U.S. adults don’t have a will or estate plan in place. That’s a striking statistic, considering that the absence of a plan can lead to probate, which may consume 3–7% of an estate's value and create lengthy delays. Furthermore, 58% of families without an estate plan report disputes after a loved one's passing. The holidays, with their gatherings and shared moments, offer a unique opportunity to address these important issues.
As families gather across generations, sharing meals, traditions, and stories, it's also an ideal moment to discuss the future. While estate planning might seem like a sensitive topic, initiating these conversations can bring peace of mind and prevent confusion later.
Key Questions for Families
For Adult Children:
- 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:
- 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?
Starting the Conversation
Approaching these questions does not have to turn a joyful holiday into a formal meeting. Consider bringing them up during a quiet walk or a relaxed moment rather than over the main meal. This setting can encourage open, empathetic dialogue.
The Gift of Estate Planning
Estate planning isn’t just for the wealthy or elderly. It's about taking control, understanding, and caring for your loved ones. By discussing your wishes, you ensure clarity and efficiency, preserving not just assets but also family values and stories.
If you're unsure where to begin or need assistance navigating these conversations, reach out for guidance from a trusted advisor. Remember, estate planning is a gift of love and clarity for those you care about the most.