Estate Planning: A Gift of Clarity and Love

Nearly 55% of U.S. adults don’t have a will or estate plan in place, which can lead to lengthy and costly probate processes consuming 3–7% of an estate’s value. Furthermore, 58% of families without a plan report disputes after a loved one’s death. But estate planning isn't just for the wealthy; it's a vital step for everyone to ensure control, clarity, care, efficiency, and legacy.

During the holidays, families gather and create cherished memories over shared meals and stories. These gatherings are special not only for their emotional richness but also as opportunities to discuss the future. While the topic of estate planning can be uncomfortable, it offers peace of mind and clarity for the family’s future.

For Adult Children to Ask

Consider asking your parents questions like:

• 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 stories you’d like us to know about?
• Do you feel confident the people you’ve chosen to handle your affairs are still the right ones?

For Parents to Ask

Parents can open dialogue with their adult children by asking:

• Do you know where to find my important documents in an emergency?
• Have you considered creating your own will or estate plan?
• If you received an inheritance tomorrow, would you know how to manage it?
• Are there family keepsakes you want preserved?
• If you needed to support us financially or medically, what support would you require?

These conversations need not be formal. They can take place during relaxed moments, perhaps while walking or after meals. Engaging in these discussions now can prevent confusion, legal disputes, and emotional pain later.

Remember, estate planning is a gift of love—not just wealth preservation. It ensures your family knows your wishes and minimizes burdens on them in the future. If you need guidance, consider reaching out to a trusted advisor for support in navigating these essential conversations.