With the Holiday Season in full swing, families will gather around tables filled with laughter, shared memories, and cherished traditions. These moments provide an invaluable opportunity to reflect on what truly matters — and to have meaningful conversations about the future, particularly around estate planning.

Did you know that nearly 55% of U.S. adults haven’t set up a will or estate plan? Probate, in the absence of a clear plan, can consume 3–7% of an estate’s value and drag on for months. Plus, 58% of families without an estate plan experience disputes after a loved one’s passing. These statistics highlight the importance of planning, not just for oneself but for the peace of mind it provides.

Estate Planning: More Than Financial Planning

Estate planning isn’t solely for the wealthy or elderly. It’s about control, clarity, care, efficiency, and legacy:

• Control: Decide who manages your finances and healthcare if you're unable.
• Clarity: Ensure your loved ones understand your wishes, removing any ambiguity.
• Care: Protect minors, dependents, or pets with chosen guardianships.
• Efficiency: Avoid unnecessary costs, delays, and taxes during probate.
• Legacy: Pass on not just assets, but values and family stories.

Key Questions to Open the Conversation

The holidays, with their multigenerational gatherings, offer the perfect time to start a dialogue. Normalize the discomfort, but emphasize the peace of mind it brings. Here are questions to guide both adult children and their parents:

For Adult Children to Ask Parents:

• 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 to Ask Adult Children:

• 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?

To make these conversations less formal, consider bringing them up during a quiet walk or cozy moments rather than over the main meal.

Empowerment Through Planning

Having these conversations now can prevent confusion, legal disputes, and emotional pain later. Estate planning is not just about assets; it’s a gift of clarity and love for your family. If you're unsure where to begin or need guidance, consider reaching out to a trusted advisor for support.