Category: The Wealth Counselor

Every year around Christmas, stores and malls across America are transformed into winter wonderlands, complete with elves, ornaments, artificial snow, and larger-than-life decorations. 

Many children stare in wide-eyed wonder as they wait to sit on Santa’s lap and answer a singularly important question: What do you want for Christmas this year?

While some children are prepared to share their most heartfelt wishes, others may need a little prompting. Santa may start with gentler questions to build rapport and earn their trust: How old are you? Have you been good this year? Do you have brothers or sisters?

As adults, we might find the mall Santa a bit campy, but there is a real lesson here for advisors: relaxed, friendly small talk and the right questions can open the door to deeper conversations about family, goals, and values. 

A cozy holiday chat with your clients is the professional version of a fireside moment that can help clients feel at ease, open up about what matters most, and start conversations that naturally lead to deeper planning discussions.

Focused around popular holiday themes, here are a few prompts—talking points that blend festive facts with estate planning insights and open-ended questions—for sparking conversations that can help clients share what matters most to them. 

Season of Giving

Estate Planning Fact: Approximately 68 percent of Americans do not have a will,¹ yet everyone has a legacy to pass on, regardless of their net worth.

Holiday Fact: On average, each American plans to spend $890.49 on holiday gifts, food, decorations, and other holiday items this year.² 

Conversation Starter: “If you could leave one meaningful gift to your loved ones, what would it be?”

Treasures of Time

Estate Planning Fact: Wills can include family heirlooms such as holiday china, vintage ornaments, menorahs, or kinara.

Holiday Fact: More than 97 percent of Americans decorate the inside of their home for the holidays.³ Many families have heirloom ornaments that preserve family history through décor. 

Conversation Starter: “Which family traditions or heirlooms mean the most to you?”

Peace on Earth

Estate Planning Fact: An estate plan can help avoid family conflict by providing loved ones with clear instructions and eliminating guesswork during emotionally challenging times.

Holiday Fact: Nearly 40 percent of families report disagreements during holiday gatherings. About one-third of those arguments turn into lasting family problems, and almost 20 percent of people say the fights even caused someone to change their will or estate plan.⁴ 

Conversation Starter: “Has your family faced past disagreements that might shape how you plan for the future?”

Shorter Days

Estate Planning Fact: A trust can help shorten or avoid the lengthy probate process when time is of the essence.

Holiday Fact: The winter solstice (December 21, 2025) marks the shortest day of the year but not the earliest sunset, which occurs about two weeks earlier.⁵ 

Conversation Starter: “What matters most to you—time saved, privacy, or control—when it comes to settling your affairs?”

Fur-Ever Gifts

Estate Planning Fact: Estate plans can include provisions for pets; celebrity designer Karl Lagerfeld famously left millions to his cat.

Holiday Fact: A 2024 survey found that 6 percent of Americans planned to spend over $1,000 on holiday gifts for their pets, with the largest segment of pet owners (15 percent) planning to spend between $51 and $75.⁶ 

Conversation Starter: “If something unexpected happened, who would step in to look after your pets, and how would you want them cared for?”

Will Power Season

Estate Planning Fact: If your client dies without a will, default state laws could determine who inherits from them and how much their heirs get.

Holiday Fact: Unlike UPS and FedEx—private businesses that can set their own company policies—the United States Postal Service is a government agency regulated by Congress. By law, it must deliver to every US address, even the most remote ones.⁷ 

Conversation Starter: “How comfortable are you with letting state law decide who inherits your assets?”

Little Lights, Bright Futures

Estate Planning Fact: Many parents with minor children have no will in place.⁸ 

Holiday Fact: Parents spend an average of around $173 per child on holiday gifts. ⁹

Conversation Starter: “Whom would you trust to care for your children if you cannot, and what qualities matter most in that role?

Wills for All Seasons

Estate Planning Fact: Adults under 35 are now more likely to have an estate plan than those aged 35–54,¹⁰ reversing a long-held assumption. 

Holiday Fact: Millennials and Gen Z spend more on self-gifting than any other age group,¹¹ redefining what “giving” means.

Conversation Starter: “How do you see your stage of life shaping the kind of legacy you want to build?”

Making a List

Estate Planning Fact: Forty-three percent of Americans without a will cite procrastination as the main reason.¹²

Holiday Fact: A Gallup poll from 2023 found that nearly half of shoppers (49 percent) planned to do most of their holiday shopping in December, while 16 percent planned to do all of their holiday shopping in December.¹³ 

Conversation Starter: “What is one estate planning task you have been meaning to check off your list?”

Tidings of Charity

Estate Planning Fact: A person can set aside funds in their estate plan to give to a charitable cause in a family member’s name.

Holiday Fact: About 30 percent of annual charitable donations occur in December, driven by a combination of holiday generosity and tax incentives.¹⁴ 

Conversation Starter: “Are there causes or organizations that have made a lasting impact on your life?”

Good Communication = Good Tidings (and Even Better Planning)

A well-timed question and a little warmth can turn a seasonal chat into the start of a stronger, more-lasting relationship. Just like Santa gently prompts children to share their wishes, thoughtful questions and a welcoming atmosphere help clients share their hopes, priorities, and plans for the future. If you or your clients have estate planning questions, let us know. 

1. Rachel Lustbader, 2024 Wills and Estate Planning Study, Caring (Sept. 16, 2025), https://www.caring.com/resources/2024-wills-survey. ↩︎
2. Consumers to Spend Second-Highest Amount on Record, According to NRF Holiday Survey, Nat’l Retail Found. (Oct. 16, 2025), https://nrf.com/media-center/press-releases/consumers-to-spend-second-highest-amount-on-record-according-to-nrf-holiday-survey. ↩︎
3. Julia Pelly, Christmas Decor Trends 2025: What Are the Most Popular Decorations in America?, Angi (Oct. 9, 2025), https://www.angi.com/articles/christmas-decor-trends.htm. ↩︎
4. Family Arguments During the Holidays can have Profound Consequences, According to New Survey from Trust and Will, Trust & Will (Nov. 19, 2024), https://trustandwill.com/learn/family-arguments-holidays-consequences. ↩︎
5. Jane Rose & Karin Crompton, 25 Facts About the Winter Solstice, the Shortest Day of the Year, Mental Floss (Dec. 18, 2023), https://www.mentalfloss.com/article/72659/10-things-you-probably-didnt-know-about-winter-solstice. ↩︎
6. Betty Lin-Fisher, Pet ownership is up. So is consumer spending on dogs, cats for the holidays, USA Today (Dec. 21, 2024), https://www.usatoday.com/story/money/2024/12/21/pet-spending-holiday-statistics/76947872007. ↩︎
7. Tyler Powell and David Wessel, How is the U.S. Postal Service governed and funded?, Brookings (Aug. 26, 2020), https://www.brookings.edu/articles/how-is-the-u-s-postal-service-governed-and-funded. ↩︎
8. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
9. Stephanie Weaver, Here’s how much parents spend on holiday gifts for each child, Live Now Fox (Nov. 21, 2024), https://www.livenowfox.com/news/how-much-parents-spend-holiday-gifts-each-child. ↩︎
10. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
11. Jing Feng, Young adults are keeping themselves on their holiday gift lists, NBC News (Dec. 22, 2024), https://www.nbcnews.com/business/consumer/young-adults-are-keeping-holiday-gift-lists-rcna184447. ↩︎
12. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/2024-wills-survey. ↩︎
13. Jeffrey M. Jones, December Holiday Rush for Half of U.S. Shoppers, Gallup (Dec. 7, 2023), https://news.gallup.com/poll/545537/december-holiday-rush-half-shoppers.aspx. ↩︎
14. Daniel Hall, Why 30% Donate in December: Year-End Giving Statistics, Harness, https://www.goharness.com/blog-posts/year-end-giving-statistics. ↩︎

During the holidays, we usually receive at least one gift that, let’s face it, falls a bit flat. 

When we were young, it might have been an itchy sweater from Grandma or a toy from Mom and Dad that we had outgrown. As adults, maybe someone got your clothing size wrong or misjudged your taste in jewelry, or you ended up with a regrettable White Elephant exchange gift.

You could be honest with the gift giver and request a return or an exchange, but you do not want to hurt their feelings. So you act happy and surprised, though you already know the gift is bound for a box in the basement or a future trip to Goodwill. Then you think of someone who would like it, and a plot is hatched: the regift.

National Regifting Day takes place on the Thursday before Christmas and celebrates giving an unwanted gift to someone else—especially at holiday office parties—as a way to promote sustainability and mindful consumption.¹ Observers of the day follow a few simple rules: do not regift the item to the original giver, do not regift something handmade or personalized, and always rewrap it thoughtfully.

While National Regifting Day is lighthearted, it also reminds us of the value of intentional giving and the importance of considering not only what we give but how it will be received.

It is a message advisors can extend to clients around the holidays as well. In estate planning, some “gifts” can be regifted, revised, or exchanged over time, while others, once given, are final. The key is knowing the difference and ensuring that clients have left a kind of “receipt in the bag” in case an exchange becomes necessary and the “return window” is still open.

Regiftable Assets: What Clients Can Update While They Are Alive

Some parts of an estate plan remain flexible during a client’s lifetime as long as they have capacity. Think of these as the “regiftable” elements: the ones that can be updated or redirected as circumstances, relationships, or goals change. With estate planning, it is not about passing along an unwanted present but rather thoughtfully repurposing one’s original intention—adjusting how future distributions will be made to loved ones without changing the core purpose of giving.

• Wills. Clients can revise distributions, add or remove beneficiaries, modify bequests, and nominate or change guardians of minor children.  
• Beneficiary designations. The beneficiaries they have designated on life insurance policies, retirement accounts, and payable-on-death accounts can be updated at any time. These designations should be thoughtfully made and coordinated with your client’s overall estate plan—for example, by naming their living trust as a beneficiary if it aligns with their overall goals.
• Revocable trusts. Trust agreement terms, trustees, and distribution plans remain adjustable while the client is alive and has the capacity to make decisions. However, they should keep in mind that multijurisdictional or foreign assets can complicate updates and require extra legal steps.
• Powers of attorney and healthcare directives. These documents can be revised or revoked as long as the client retains capacity; progressive illness may call for staged updates.
• Lifetime gifts and charitable plans. Your client can make gifts or donations during their lifetime, but the flexibility of those gifts depends on the setup. Once your client gives something outright, it usually cannot be taken back. Gifts made through a revocable trust or donor-advised fund can typically be changed while the client still has capacity; grantors and donors can adjust, adapt, and control their giving over their lifetime, offering great flexibility. However, more complicated philanthropic structures, such as those made through irrevocable giving, including trusts or foundations, are generally permanent once established.

Returns and Exchanges: Harder to Make Changes While the Client Is Alive

Other estate planning choices come with a shorter “return window.” While not completely irreversible, they are significantly more difficult to change without court or administrative involvement.

• Irrevocable trusts. These trusts are set up to be irrevocable after they have been signed and generally cannot be changed. However, some states permit limited updates and revisions under certain conditions without the need to go to court.
• Revocable living trusts during incapacity or after death. Once the trustmaker (also called the grantor or settlor) becomes incapacitated or dies, the living trust’s terms typically become fixed—much like an irrevocable trust. In certain situations, limited updates can still be made without court approval, depending on the state’s law. Other ways to build in flexibility include adding spendthrift provisions or giving successor trustees certain discretionary powers, creating some wiggle room by allowing them to make decisions or adjustments as circumstances change, without needing to alter the trust itself.

No Returns Available: When Gifts Are Final 

There are certain aspects of an estate plan that become final once they are executed, and only in rare situations, such as cases involving fraud, coercion, or a clear mistake, can those actions be reversed.

• Final distributions. After will or trust distributions have been made and the clients’ assets are in the hands of their beneficiaries, they generally cannot be altered or taken back.
• Delivered lifetime gifts and finalized deeds. After your client has given a lifetime gift or finalized a deed transferring their real property, it is permanent. 

Leaving a Receipt in the Bag: Guidance for Beneficiaries

A comprehensive estate plan is more than just a set of documents; it is a roadmap for your client’s loved ones. It enables the client to include clear instructions, guidance, and personal touches, making it easier for their family to carry out the client’s wishes with confidence and peace of mind.

• Letter of instruction or personal letter. While these letters are not usually legally binding, they can still be incredibly helpful. Clients can use them to clarify intent, especially for digital assets, coveted collections, sentimental items, or gifts that may benefit from a little extra context or explanation.
• Trustee and executor guidance. Providing guidance allows your client to outline how they would like discretionary decisions to be made, which can be especially important when managing cross-border or multistate matters.
• Trust protectors and advisory roles. Adding these extra roles to the trust provides flexibility for unforeseen changes; however, the authorizing provisions in the trust or will document must be carefully drafted to avoid overlap and ensure clarity.
• Contingency planning. Planning for the unforeseen provides backup beneficiaries in case the original recipient is unable to accept the gift.
• Organized asset documentation. Organizing documents ensures the smooth administration of accounts, passwords, and records.

Know the Rules: Advisor Guidance to Avoid a Gifting Faux Pas

Even regifting has its etiquette, and so does estate planning.

Advisors can help clients avoid estate plan faux pas that lead to conflict or unintended outcomes—and the legal and emotional “return lines” that come from unclear, outdated, or inappropriate gifts—by following a few simple rules: 

• Choose wisely. Advise clients to carefully consider who is receiving what and whether those gifts align with their beneficiaries’ needs and circumstances.
• Be discreet. Guide clients through sensitive updates with documentation and confidentiality in mind.
• Avoid regifting to the original giver. Guide your clients to anticipate potential conflicts among heirs or cobeneficiaries and plan contingencies in advance.
• Celebrate the intent. Encourage clients to focus on the “why” behind each change or bequest. Gifting with intentionality and meaning reduces the chances that an exchange or regift will be necessary later. 
• Include a receipt. Help clients leave behind clear letters of instruction, organized asset records, and detailed guidance for trustees and executors.
• Check the return date. Encourage clients to schedule regular reviews with their estate planning attorney to ensure that the “gifts” in their plan still align with current laws, relationships, and life circumstances, and that there is still time to make changes if necessary.

A Client Gift from Both of Us

Most of us know that regifting comes with rules, and stores have return policies for a reason. Not every gift can be freely swapped. Thoughtful gifting matters, and some things, once given, are final. 

Unlike the casual rules of regifting, the rules of estate planning are written and formal. Clients should approach gifts from their estate seriously, with a plan that aligns with their intentions. 

Our favorite gift during the holidays might be the one we give to ourselves, and that applies to an estate plan, as it offers the gift of peace of mind that comes from having a well-planned future. But there is something extra special about unwrapping a present from someone else. Well-chosen gifts show a person that you understand them on a deeper level. They can strengthen relationships, including the advisor-client relationship, and build trust.  

Schedule a time for clients to “unwrap” their plans before year-end to ensure that every gift is the right one. Feel free to add our name to the gift tag if they have planning questions.

1. National Re-Gifting Day, Days of the Year (Nov. 6, 2025), https://www.daysoftheyear.com/days/re-gifting-day. ↩︎

12 Steps to Guide Your Clients Through Estate Planning This Holiday Season

“On the first day of Christmas, my true love gave to me a partridge in a pear tree.” 

—The Twelve Days of Christmas

The popular holiday tune “The Twelve Days of Christmas” was inspired by the 12-day liturgical season in Christianity known as Christmastide that runs for 12 nights, from December 25 to January 5.¹ It was established by the Church and later became the basis for a period of feasts in medieval and Tudor England and for an English folk song.² The modern version of the song we are familiar with was not written until 1909.³ 

According to the song’s lyrics, the singer receives a total of 364 gifts—from turtle doves to dancing ladies—none of which are particularly practical or useful during an already hectic time of year. The gifts that truly matter tend to be those that are not material at all. Among the most valuable gifts advisors can give their clients are guidance, clarity, and peace of mind that last well beyond year-end festivities. As you connect with your clients during the holiday season, keep these 12 simple yet actionable steps in mind as you help them plan for their future. 

1. Get on their calendar. Schedule a dedicated planning session with each client to identify or review priorities, values, and objectives. This foundation ensures that every recommendation you make aligns with what matters most to them.

2. Be an active partner and resource. Help clients gather essential personal, family, and financial information, including names, birthdates, and contact details of key loved ones. When appropriate, encourage spouses or family members to join in the process early. Including them early helps ensure that everyone understands the client’s intentions, avoids misunderstandings, and reduces the risk of surprises or conflict later.

3. Serve as a sounding board. Assist clients in evaluating potential fiduciaries for their estate plan (for example, successor trustees, agents under powers of attorney, executors, or personal representatives) and clarifying their short- and long-term goals, including charitable gifts, blended family considerations, or planning for special-needs beneficiaries.

4. Offer perspective. Take a step back and conduct an initial financial review to test whether their plan’s current structures support long-term preservation, liquidity needs, and legacy goals.

5. Dig into the details. Walk clients through the preparation of a comprehensive inventory of their assets, liabilities, insurance, and digital accounts, ensuring that nothing is overlooked when their estate plan is created.

6. Set things in motion. Outline potential estate planning strategies such as lifetime gifting approaches, trust structures, insurance solutions, or business succession plans, and discuss how these ideas, when reviewed with the client’s attorney or tax professional, can actively support their future needs and unique circumstances.

7. Bring a spirit of collaboration. Recommend or facilitate a triage meeting with an estate planning attorney and other key advisors. This coordinated approach ensures that the client’s legal documents accurately reflect their financial reality, family dynamics, and long-term intentions—aligning every piece of the plan before the new year begins.

8. Cover all the bases. Help ensure that every asset and account aligns with the client’s estate plan. This to-do list may include coordinating trust funding, retitling assets, and confirming beneficiary designations so the executed documents legally control the intended assets when the time comes.

9. Bridge the gap. Shepherd clients through the document execution process, confirming that signings, witnesses, and notarizations are properly handled and outlining the next steps to fully bring their plan to life and ensure that it is legally enforceable.

10. Foster communication. Encourage clients to share essential information with fiduciaries and beneficiaries, such as the location of documents, the roles assigned, and any basic instructions that will facilitate administration and minimize confusion in a crisis.

11. Suggest safeguards. Recommend secure storage (both physical and digital) of all estate planning documents and asset inventories, and create an indexed summary or access plan that enables executors and agents to quickly locate the necessary information.

12. Develop a routine. Establish a recurring review schedule that is annual or event-driven (e.g., marriage, birth, sale of business, new residence) to keep clients’ plans current with their lives and the law.

The Greatest Gift You Can Give Your Clients

We get to know our clients so we can serve them better. To best guide them toward the future they envision, we need to know about their past and present.

It takes time—much longer than 12 days or 12 meetings—to truly get to know a client. The process works best when approached thoughtfully, step by step, and with a personal touch that is more helpful than salesy, and always in language clients can relate to. 

This holiday season, amid year-end reflections and shopping frenzies, advisors can give clients something lasting: peace of mind through planning. 

1. Catherine Boeckmann, And when does the 12 days of Christmas start?, Almanac (Dec. 27, 2024), https://www.almanac.com/what-are-12-days-christmas. ↩︎
2. Id. ↩︎
3. Meghan Jones, What Are the 12 Days of Christmas, and What Do They Mean?, Reader’s Digest (Sept. 9, 2025), https://www.rd.com/article/where-do-12-days-of-christmas-come-from. ↩︎

The holiday season is right around the corner, and you have likely been shopping for the perfect gift for your loved ones. You may have been wandering through crowded stores, scrolling through online marketplaces, or replaying conversations you have had with your loved ones over the past few months, trying to recall subtle hints they may have given. 

What if you could just ask them what they want? Wouldn’t you want to know that your gift truly fits rather than guessing? Sometimes a simple question can save you from giving something they do not want or will not use. 

Estate planning can be thought of as gift-giving on a bigger, more enduring scale. But unlike a holiday gift that can be returned, exchanged, donated, thrown away, or relegated to a basement, the “gifts” of an estate plan carry emotional weight and often touch on sensitive family dynamics that demand more in-depth contemplation and conversation. 

When clients assume that they know their loved ones’ preferences or avoid the hard conversation altogether, the result is not just disappointment or disinterest—it is often confusion, conflict, and resentment that can outlast the possessions themselves.

Many Families Have Not Had “the Talk”

Younger generations are increasingly open about sharing what gifts they actually want. This trend can be seen in the growth of online wishlists and digital registries that can help families simplify gifting, avoid awkward situations when someone receives an unwanted gift, reduce waste and “gift anxiety,” and turn gift-giving into a transparent, more personalized experience.

While digital wishlists like those from Amazon, Giftster, MyRegistry, and Elfster are more popular with younger Americans, they reflect bigger cultural trends around authenticity, intentionality, and transparency. We are now encouraged to be more open and share our whole self in both our personal and professional lives to foster greater trust and connection. 

Unfortunately, however, the trend toward greater openness in gift-giving has not made its way into the estate planning world. According to 2024 research from Edward Jones, only about a quarter of parents (27 percent) have had generational wealth discussions with their children.¹ 

This lack of openness has created a growing disconnect between what younger generations expect to inherit and what their parents actually plan to leave. According to a 2025 survey by Northwestern Mutual, there is a growing mismatch between generations regarding inheritance expectations. More than half of younger adults—Gen Z and millennials—say they are relying on financial help or future inheritances from their baby boomer parents. Yet only about one in five boomers plans to leave a significant inheritance, and just 11 percent list providing for their children as their primary financial objective.²

Why Communication Matters

Having “the Talk” before “the Transfer” is “critical to managing family harmony, uncertainty, and the financial complexity of passing wealth,” says Edward Jones.³ And with people living longer, the wealth transfer talk should not be a one-time event; it should be an ongoing conversation as life inevitably evolves. 

These important conversations should also cover the “stuff” of life. It is not always big-ticket items, such as a home or financial account, that can cause tension among loved ones. Frequently, it is the personal property that has the most meaning—and the most potential for conflict. A retirement account asset or parcel of real estate can be divided, but a family heirloom or a piece of furniture cannot. This is why it is essential for clients to talk to their loved ones about these items. Open discussions help reveal what items hold sentimental value to which of their loved ones and will allow your clients to make thoughtful, intentional choices now, preventing disputes later.

Take the Guesswork Out of Gifts

Open communication now is a gift that lasts far beyond the holiday season. If clients can simplify holiday shopping with a wishlist, they can simplify estate planning by making their intentions clear, tangible, and easy for loved ones to follow, avoiding conflicts before they start. 

Here are some suggestions you can present to your clients to follow up on “the Talk” with action:

• Use a personal property memorandum. Most states recognize an estate planning tool known as a personal property memorandum. This standalone document allows a person to specify who should receive their tangible items such as jewelry, artwork, family heirlooms, or collectibles. The client can complete this document from the comfort of their own home and update it anytime without revising their entire estate plan or meeting with their attorney. When properly referenced in a will or trust and executed according to state law, it confirms intentions and reduces disputes. They can think of it as a holiday shopping list or wishlist that is clear to read and easy to revise and that turns gifting guesswork into planned exchanges. 
• Clarify the role of digital tools. Digital wishlists, shared spreadsheets, and collaborative platforms can help organize personal property preferences and spark family conversations. However, these tools are not legally binding and can even create confusion if they conflict with signed estate planning documents. To avoid misunderstandings, clients should ensure that any digital lists are consistent with—and ultimately reflected in—a signed and dated personal property memorandum that is incorporated into their will or trust. The value of these lists is in facilitating conversation and organization.
• Encourage early and ongoing conversations. Combining a legally recognized memorandum with digital tracking or discussion tools allows clients to clearly communicate intentions, update preferences over time, and reduce misunderstandings or competing claims that could lead to delays in death administration and conflicts that require court involvement. 

Giving Clients (and Their Loved Ones) What They Want (and Need)

Guesswork leads to stress, both around the holidays and in estate planning. There is no shame in asking people what they want. Silence about an estate plan can be just as damaging as having no plan, turning family fortune into family feuds. A few awkward moments that lead to the organized transfer of property are preferable to the estate planning equivalent of a white elephant gift exchange. 

For tips on how clients can avoid costly estate planning assumptions, schedule a time to connect and exchange ideas. 

1. The Great Wealth Transfer Starts with the Great Wealth Talk, Edward Jones Research Finds, Edward Jones (Feb. 27, 2024), https://www.edwardjones.com/us-en/why-edward-jones/news-media/press-releases/great-wealth-transfer-research. ↩︎
2. Orianna Rosa Royle, Gen Z Expects to Inherit Money and Assets—but Their Boomer Parents Aren’t Planning on Leaving Anything Behind, Yahoo!finance (Sept. 26, 2025), https://finance.yahoo.com/news/gen-z-expects-inherit-money-145827436.html. ↩︎
3. The Great Wealth Transfer Starts with the Great Wealth Talk, supra note 3. ↩︎

It is a frigid November night. You put on a sweatshirt and sweatpants to warm up—to no avail — and decide to light the season’s first fire. 

You open the woodstove door to find last year’s ashes still inside, the chimney unswept. Not ideal, but manageable. You can deal with these things later, before winter really gets going. The real problem comes when you head to the woodpile on the porch. The kindling is damp and the logs in short supply. You might get a fire started, but it will take some work to keep it going. 

A weak fire fizzles out fast. And if your clients are not careful, their estate plans will too. 

Relying on the wrong documents, or ones that have been left untended, can lead your clients—and their chosen beneficiaries—feeling cold and in the dark. 

Smoke but No Fire: An Estate Plan That Is Not Winter Ready 

You cannot stop fall from turning into winter. The best you can do is ensure that your clients are prepared for colder weather to come. 

An estate plan can be thought of in the same way. While it may not stave off what is coming (i.e., the client’s death or incapacity), it can provide warmth to those left gathered around the hearth. 

For that to happen, the ground must be prepared, the fuel gathered, and the spark ready to strike. Without the right elements chosen ahead of time and ready when needed, a plan, like a fire, can fail to ignite, burn out too quickly, or smolder, giving off smoke but no flame and offering no protection from the cold. 

As autumn turns to winter and you meet with your clients to gather what is needed for the seasons of life ahead, here are some practical pointers you can offer to keep their estate plan from burning out and to ensure that it is ready to work when they need it: 

• Kindling only supports the fire. Some “logs” do not truly burn on their own: Ethical wills and letters of intent can carry deep meaning and guidance, but they do not always carry legal weight. An ethical will is a personal message or legacy letter used to share values, life lessons, or hopes for future generations, while a letter of intent can provide instructions or context to help loved ones and fiduciaries understand your clients’ wishes. These documents act as the sentimental “kindling” of an estate plan: They add warmth and heart. But for a fire that burns long and bright through a winter night, an estate plan also needs a solid, legally enforceable foundation: the big “logs” like wills and trusts.
  • Advisor note: Encourage your clients to ensure that their estate planning documents are legally binding in their state and built on enforceable instruments such as properly drafted wills and trusts. You might also suggest that they create an ethical will or letter of intent to share their personal values, stories, and hopes for their loved ones, complementing the legal plan with heartfelt guidance. If you have questions, please reach out to us.
• Good wood must be properly arranged. A good fire needs the right setup, as does a good estate plan. If signatures are missing, witnesses are improper, or a document is not notarized when it is required to be, it is like stacking wood the wrong way—the spark never catches. Your clients’ estate plans will smolder instead of burning; assets may get stuck in probate, their wishes may go unenforced, and their loved ones will likely be left with confusion instead of clarity.
  • Advisor note: Encourage clients to confirm with their estate planning attorney that their documents meet their state’s execution requirements. Details such as witness rules, notarization, and confirmation of capacity may seem small but can make all the difference in ensuring that the plan holds up when it matters most. We are here to help if you have any questions.
• Tending the flame is essential. Just as you would not build a fire and then leave it, your clients’ estate plans should not be a set-it-and-forget-it task. Having an estate plan with outdated named beneficiaries or decision-makers is like building a fire with wet logs. Firewood needs to be seasoned, tended, and replenished to keep a steady flame. The same is true for an estate plan; it needs regular review to ensure that it continues to burn bright, that your clients’ wishes are current, and that the right people are appointed to the right roles and receive the right inheritance.
  • Advisor note: Encourage clients to review their estate plans and beneficiary designations every few years or after major life events to make sure their “stack” is ready when needed.

Start a Fire—and Keep the Flame Going

When the first chill of the season arrives, we are reminded that a fire represents more than warmth; it symbolizes the enduring flame of family and legacy that an estate plan is meant to protect.

It is not enough to simply get a fire started—or to draft an estate plan once and forget it. Both require care and tending to keep burning bright. Instead of leaving your clients and their families in the dark or the cold, let’s spark up a conversation. 

Family Traditions Clients Can Include in Their Estate Plans

Thanksgiving is built on a shared story and tradition, but every family has a different way of celebrating the country’s second-favorite holiday.¹ Unlike Christmas and the gift-giving anxiety that can accompany it, Thanksgiving is more about keeping things simple. Sure, hosting has its share of stress, but that stress melts away when the table is set, everyone is seated, and the side dishes are being passed around like the good memories they inspire.

Americans today are somewhat split on what defines a traditional Thanksgiving. Many of us celebrate the holiday, but our traditions and activities vary widely. Some families go around the dinner table and share what they are grateful for. Others give thanks more subtly, with good food and good company, and maybe even a little football and some late-night bargain hunting.

As families—and times—change, so do traditions. Kids grow up, start their own families, and establish their own holiday celebrations. 

Still, as new traditions replace old ones, the core of Thanksgiving—connection, gratitude, and shared experience—remains the same. Estate plans can evolve in much the same way, reflecting new realities and a renewed spirit of giving. Estate plans are not only about passing down money and possessions. They are also a way to preserve traditions, share values, and keep families connected for generations.

Incorporating New Traditions into an Estate Plan

The traditional estate plan can feel a bit like a classic Thanksgiving feast: comforting, but sometimes a bit predictable. It is the same year after year: the same turkey, the same side dishes and desserts, and the same stories told around the table. 

While tradition can be comforting and grounding, there is something to be said for mixing things up, not only around the dinner table but also in an estate plan. 

Clients do not have to settle for leaving their loved ones a one-time, lump-sum inheritance, nor do they have to limit themselves to a standard will- or trust-based plan. Instead, their plan can reflect more modern notions of giving, sharing, and gratitude. 

Your clients’ estate plans can be shaped around their values and goals and the legacy they want to leave. It may focus on a “gifting while living” strategy,² allowing them to share experiences, generosity, and impact during their lifetime. Or it could be designed to pave the way for future family gatherings and celebrations that continue their traditions after their passing. Many people take a blended approach, combining lifetime gifts with future provisions that bring loved ones together and strengthen their bonds, whether those traditions are tried and true or new and novel. 

But just like serving a creative side dish at Thanksgiving, these strategies work best when they are balanced with practical (and professional) considerations. Tax considerations, administrative costs, and fairness among loved ones all need to be baked into the plan. Otherwise, what starts as a heartfelt tradition could lead to heartburn later.

Here are a few ways your clients can build the spirit of Thanksgiving into their estate plan to carry out their legacy:

• Holiday gatherings. They can set aside funds in a trust that can be used each year to host a family gathering on a particular holiday, covering food, decorations, or even rental fees for a larger space so everyone can celebrate the holiday together.
• Advisor note: Trust distributions used for family events may carry income tax consequences. Because these payments can be treated as taxable distributions to beneficiaries rather than deductible trust expenses, it is important for clients to clarify who reports the income and how expenses are documented.
• Family reunions. Your clients can direct funds in a trust to pay for a periodic gathering (e.g., every two years), with flexibility for location and activities. Naming one or two family members as coordinators in advance can help keep this tradition alive.
• Advisor note: As noted above, using trust funds for family events can create taxable income for beneficiaries. Remind your clients to keep clear records and confirm how the expenses are reported.
• Shared travel experiences. For families spread across the country, your clients can choose to earmark funds in a trust for airfare or gas so no one has to miss Thanksgiving because of cost. These provisions can make it easier for children and grandchildren to come home.
• Advisor note: Reimbursement structures should be clearly defined to avoid taxable “gifts” and unequal treatment among heirs.
• Keeping the family home or cottage. If your clients’ Thanksgiving memories are tied to a specific house or cottage, they should consider placing the property into a trust or an LLC and set aside funds for upkeep, taxes, and maintenance so that the places that hold their memories can continue to bring everyone together for years to come.
• Advisor note: Transferring a home to a trust, an LLC, or family members may trigger property tax reassessments, capital gains exposure, and ongoing maintenance costs. Proper planning helps preserve tax benefits, prevent disputes, and ensure that expenses are shared fairly among family members.
• Charitable traditions. Some families spend part of Thanksgiving volunteering before sitting down to dinner. Your clients’ estate plans can support philanthropy in the following ways:

• Reimburse beneficiaries for a set number of volunteer hours
• Leave a “charitable bucket” of funds within their trust or establish a donor-advised fund that allows their loved ones to direct a portion of those funds each Thanksgiving to the nonprofits of their choice
• Advisor note: Charitable planning can generate estate tax deductions, but planning strategies can vary. Donor-advised funds, private foundations, and direct charitable bequests each come with different costs and compliance requirements.

Make Time to Gather, Share, and Reflect with Clients

Things get busy this time of year. Meeting with clients before the holiday crunch is a smart way to optimize tax and estate planning strategies and make final adjustments before the calendar year ends.

Whatever traditions you and your clients have, estate planning should be part of the mix. In addition to the usual fare—reviewing wills, trusts, and beneficiary designations—this year, try suggesting something new to the menu. 

Traditions and estate plans can become a bit like Thanksgiving leftovers: satisfying but sometimes stale. If you need help “reheating” a client’s estate plan or trying out a new planning “recipe,” please reach out to us. 

1. Oana Dumitru, Which Holidays Do Americans Enjoy Most—and Least?, YouGov (Feb. 9, 2024), https://today.yougov.com/society/articles/48626-which-holidays-do-americans-enjoy-most-and-least. ↩︎
2. Brie Williams, Giving While Living: Bridging the Gap in Modern Wealth Transfer, State St. Inv. & Mgmt. (July 9, 2025), https://www.ssga.com/us/en/intermediary/resources/practice-management/giving-while-living-bridging-the-gap-in-modern-wealth-transfer. ↩︎

1. In 2025, what is the total amount of money and property that a person can gift during their lifetime and leave at their death (other than to their spouse) without owing any federal estate tax?
   1. $5 million
   2. $15 million
   3. $13.99 million
   4. as much as you want

The correct answer is “c.” For 2025, the federal exemption is $13.99 million. This amount, also known as the federal lifetime estate and gift tax exemption, applies to gifts made during a person’s life and assets transferred at death. The exemption is set by federal statute and adjusted annually for inflation. However, any assets left to a surviving spouse who is a US citizen are not subject to federal estate tax due to the unlimited marital deduction.

2. Which estate planning tool is used to designate who will inherit a client’s money and property after their death?
   1. living will
   2. financial power of attorney
   3. last will and testament
   4. healthcare proxy

The correct answer is “c.” A last will and testament is a legal document that allows the creator of the will, or testator, to specify how and to whom a person’s assets are to be distributed after their death. It allows the testator to nominate a guardian for their minor children and appoint an executor to manage their estate. 

3. What is the legal process by which a deceased person’s will is proved valid (if they have one) and their estate is administered under court supervision?
   1. conservatorship
   2. trust administration
   3. guardianship
   4. probate

The correct answer is “d.” Probate is the legal process through which a court validates a deceased person’s will (if one exists) and ensures that their probate estate is properly administered. Probate administration includes paying off the decedent’s valid debts and taxes and distributing the remaining assets to the beneficiaries. The court oversees this process to protect the interests of all parties involved. 

4. Under a medical power of attorney, a person can appoint an agent to make decisions for them regarding their
   1. business operations
   2. real estate transactions
   3. medical treatment and care
   4. financial investments

The correct answer is “c.” A medical power of attorney, also known as a healthcare proxy or durable power of attorney for healthcare, is a legal document that allows a person to appoint an agent to make medical decisions on their behalf if they cannot do so themselves. The appointed agent, often a trusted family member or close friend, is authorized to consent to or refuse medical treatments or surgeries and make other healthcare decisions according to the patient’s wishes.

5. What happens if a person dies without a valid will and owns accounts or property in their sole name without a designated beneficiary?
   1. their spouse or children automatically inherit everything
   2. their money and property are distributed according to state intestacy laws
   3. the financial institution permanently holds the accounts
   4. their assets automatically go to the state

The correct answer is “b.” If a person dies without a valid will, they are said to have died intestate. In this situation, state intestacy laws determine how the assets are distributed. These laws vary by state but generally prioritize the surviving spouse, children, parents, and other close relatives in a specific order. The state does not automatically seize the assets.

6. Which of the following assets typically avoid probate?
   1. a solely owned bank account without a named beneficiary
   2. real estate jointly owned as tenants in common
   3. a life insurance policy with a named beneficiary
   4. personal belongings such as furniture and art

The correct answer is “c.” When a life insurance policy has a designated beneficiary, the death benefit is paid directly to that person, bypassing the court-supervised probate process. 

7. The primary purpose of a living will or advance directive is to
   1. name a guardian for minor children
   2. outline medical treatment preferences for times when you cannot communicate those wishes yourself
   3. appoint someone to manage financial affairs
   4. distribute money and property after death

The correct answer is “b.” A living will, also called an advance directive, is a document recognized by most states that provides instructions for a person’s medical care if they become terminally ill or incapacitated and are unable to communicate their wishes. It specifies their preferences regarding life-sustaining treatments such as artificial hydration and feeding, mechanical ventilation, and resuscitation.

8. Which of the following is not a common goal of estate planning?
   1. avoiding probate
   2. maximizing income taxes during one’s lifetime
   3. minimizing estate taxes
   4. ensuring that money and property are distributed according to one’s wishes

The correct answer is “b.” Common estate planning goals include ensuring that your assets are managed and distributed according to your wishes, avoiding probate, and minimizing estate and gift taxes.

9. A financial advisor’s role in estate planning typically involves
   1. drafting legal documents such as wills and trusts
   2. acting as the sole executor of the client’s estate
   3. providing legal advice on complex estate laws
   4. coordinating with estate planning attorneys and providing crucial account information during the planning and administration processes

The correct answer is “d.” A financial advisor’s role in estate planning is to serve as a key member of the client’s advisory team. Financial advisors provide important details about the client’s assets, such as account balances and investment holdings, and help implement the financial strategy that aligns with the client’s estate plan.

10. Which of the following can be accomplished using a revocable living trust as the foundation of a client’s estate plan?
    1. probate avoidance
    2. maintaining privacy during and after the client’s death
    3. providing guidelines and restrictions to protect a beneficiary’s inheritance
    4. all of the above

The correct answer is “d.” A revocable living trust is the foundation of most estate plans because it offers several key benefits. It allows for the avoidance of probate and ensures that assets are transferred to beneficiaries more smoothly and privately. It also provides guidelines and restrictions that can protect a beneficiary’s inheritance—for example, providing for distributions in stages over time instead of as a single lump sum.

Today’s families take many different forms. Some are blended through divorce and remarriage while others are built through long-term partnerships, adoption, or fostering. Families may include same-sex or opposite-sex couples; married or unmarried partners; or children from different relationships or no children. Many households also juggle the needs of aging parents or relatives with disabilities.

You can probably picture many other family arrangements. While no single standard family form exists in the United States, certain trends stand out. Americans are marrying later in life.¹ A growing share has never married.² Interracial, interethnic, and same-sex marriages are more common.³ 

As today’s modern families evolve and become more diverse, so too must the estate planning strategies that protect them. 

Blended Families

The term stepfamily has largely given way to blended family (or bonus family). However, they describe the same thing: a family that forms when partners bring children from previous relationships into a new household, possibly alongside children they have together.⁴ And the issues these families face, both in maintaining family harmony and in planning their estate, can be complex, no matter what you call them.

Potential planning goals: Provide for a surviving spouse while ensuring that children from a previous relationship receive an inheritance. Some parents in blended families may also want to provide for stepchildren; however, this goal requires purposeful planning because state law does not automatically provide for them.

Strategies: A revocable living trust is an effective estate planning tool for parents in blended families. With a trust, your client can provide for their surviving spouse for their lifetime—for example, by allowing them to receive income from the client’s trust (and possibly principal as well, under conditions your client sets)—while still preserving the remaining balance for children from a prior relationship. This approach helps prevent the unintentional (or intentional) disinheritance that may occur if everything is left outright to the spouse.

Trusts can also include detailed instructions about how assets should be used and what happens to any remainder. The key is finding the right balance of fairness and protection within the unique dynamics of a blended family, where emotions and relationships can be complex and solutions should be flexible and nuanced.

Unmarried Partners

The number of unmarried couples living together has steadily increased, more than doubling from 3.7 percent in 1996 to 9.1 percent in 2023.⁵ 

Whether couples choose not to marry for personal, financial, or other reasons, the main planning challenge with unmarried partners is that default inheritance laws still favor spouses and blood relatives, despite the uptick in cohabitating partners. 

Potential planning goals: Ensure that a surviving partner is financially secure; can remain in the shared home (regardless of whether the deceased partner owned the home or the two of them owned it jointly); and has legal authority to make medical or financial decisions if the other becomes incapacitated. Couples may also want to provide for children from their relationship or prior relationships and avoid disputes with extended family who stand to inherit under state law.

Strategies: Because unmarried partners have no automatic inheritance rights and lack many legal protections from which married couples benefit by default, forward-looking estate planning is necessary. 

A person can provide immediate or ongoing support for their partner in a will or a trust, although only a trust avoids the public and often costly probate process. Some forms of joint property ownership or carefully structured beneficiary designations (such as transfer-on-death deeds or beneficiary designations on retirement accounts) can help ensure that assets pass directly to the surviving partner. 

Advance healthcare directives and financial powers of attorney are also needed to give partners decision-making authority in emergencies or while one partner cannot manage their own affairs. Without such strategies, partners risk being treated as legal strangers, and family members will likely be the ones making financial and medical decisions. 

Loved Ones with Special Needs

Special needs is a broad term that encompasses many situations in which a person may require specialized services or support to manage everyday life. 

An individual with special needs may have been born with a physical or cognitive disability, may require a wheelchair due to an accident, or may struggle with severe depression or anxiety. In some cases, their condition may qualify them for means-tested government benefits, which could be at risk if they were to receive a large inheritance outright. Whatever the situation, careful planning can protect them while still providing support. 

Potential planning goals: Allow the loved one to receive an inheritance in a way that does not disqualify them from government benefits or put them at financial or personal risk. The goal may also be to encourage healthier behavior while ensuring their needs are met.

Strategies: A supplemental needs trust can provide financial support without jeopardizing eligibility for programs such as Medicaid or Supplemental Security Income (SSI). This type of trust is designed to limit direct access to the inheritance while ensuring that it is used for the needs of the person with the disability, with a trusted individual (the trustee) making distributions at their discretion. 

For individuals without a functional disability but who may not do well with receiving a large sum of money all at once—for example, they struggle with money management or substance abuse—an incentive trust may be a helpful tool. This type of trust is not aimed at preserving eligibility for certain government benefits; rather, it allows the client to set conditions such as distributions tied to employment, education, sobriety, or other goals and milestones to provide support and protection for the beneficiary. 

Sandwich Generation 

The term sandwich generation refers to adults who support their aging parents and their own children. According to an AARP research report, about 16 million US adults meet this criterion, and almost one-third of family caregivers in the US have children or grandchildren under age 18 living at home while they also care for an adult family member or friend.⁶ 

Depending on the client’s age, their child could be a minor under 18 or a young adult still working on gaining financial independence. Their parents may be entering retirement or well into their 80s or 90s. These different types of “sandwiches” may carry different balancing acts in terms of time, finances, emotions, and planning strategies. They also require different estate planning considerations. 

Potential planning goals: Protect the client-caregiver while ensuring that their parents and children are cared for and that there is a seamless transition of decision-making authority, guardianship, and financial support if something happens to the client-caregiver. 

Strategies: If the children are still minors, naming guardians is one key part of your client’s estate plan. Your client can make guardianship nominations in a will or a standalone document, depending on state law, so a judge is not choosing a guardian without guidance or input from the parent. 

Your client should also consider including a revocable living trust in their plan. A trust can do more than simply avoid probate; it can ensure that critical financial support for your client’s parents and children continues even if the client becomes incapacitated. After the client’s death, distributions can be structured to provide for their minor and young adult children in stages as they grow, while also supporting aging parents who may need assistance but should not have unrestricted access to the funds if they cannot manage their own affairs. This flexibility allows your client to protect everyone they care for in a way that balances their needs with responsible oversight.

Every family is different, especially within the evolving dynamics of the American family. More than ever, estate planning should avoid an out-of-the-box, one-size-fits-all approach and individually and collectively address the unique needs of each family member, now and in the future. If you have clients in any of the above-mentioned categories, it is important that they plan for their own future and that of their loved ones. Call us to discuss ways we can partner to serve these clients.

1. Carolina Aragão et al., The Modern American Family, Pew Rsch. Ctr. (Sept. 14, 2023), https://www.pewresearch.org/social-trends/2023/09/14/the-modern-american-family. ↩︎
2. Id. ↩︎
3. Id. ↩︎
4. “blended family, Oxford Learner’s Dictionaries, https://www.oxfordlearnersdictionaries.com/us/definition/english/blended-family. ↩︎
5. Change in American Families: Favoring Cohabitation over Marriage, Penn Wharton Budget Model (Feb. 19, 2025), https://budgetmodel.wharton.upenn.edu/issues/2025/2/19/change-in-american-families-favoring-cohabitation-over-marriage. ↩︎
6. Caregiving in the US Research Report at 2, 4, AARP (July 2025), https://www.aarp.org/content/dam/aarp/ppi/topics/ltss/family-caregiving/caregiving-in-us-2025.doi.10.26419-2fppi.00373.001.pdf. ↩︎

During your discussions with other advisors or while reading industry publications, you have likely come across startling statistics about the number of Americans without an estate plan. 

The exact figures vary by survey and demographic, but the story they tell is consistent: Roughly two-thirds of Americans are unprepared to transfer their assets and care for their loved ones in a medical emergency. For example, a 2025 survey by Caring.com found that only 24 percent of Americans have a will.¹ A report by online service Trust & Will puts that number slightly higher, at 31 percent (with 11 percent having a trust),² while D.A. Davidson found that just one in three adults has any form of estate plan, including a healthcare power of attorney.³ 

Also consistent across these studies are people’s reasons for not having an estate plan. They range from believing that their efforts will not make a difference, to misconceptions about estate planning being for only the wealthy, to simple procrastination. Even more concerning, the overall trend is downward—fewer Americans are engaging in estate planning despite widespread acknowledgment of its importance.⁴

What is an advisor to think—and do—about this potentially calamitous oversight? It starts with understanding why Americans are not planning for their futures. 

Reason 1: They Think They Do Not Own Enough to Have an Estate Plan

In all three surveys noted above, the top reason people gave for not having an estate plan was some version of “I don’t have enough assets to leave to anyone.”

That misconception tends to stick because the word asset often brings to mind images of wealth—mansions, yachts, or sprawling investment portfolios. However, an asset is anything a person owns that has value to them or their loved ones. That definition may include things with financial value, such as a home, a retirement account, or a car. It can also include things that have only sentimental value, including a treasured family heirloom, a grandmother’s recipe collection, a beloved pet, or even the values and life lessons one wants to pass down. Regardless of your client’s financial situation, they likely have a legacy they want to leave behind. Ask them what that might be and how it might look. This conversation can touch on not only what they own but also how they see themselves and the story they want their life and legacy to tell.  

It is equally important for your clients to understand that estate planning is about far more than wealth transfer. It is also about what happens if a person becomes incapacitated, whether from illness, injury, or age-related decline. Everyone may face incapacity at some point, and without the right documents in place, decisions about your healthcare, finances, and personal care could end up in the hands of strangers or the courts. Incapacity planning is the second major pillar of estate planning, yet only one-third of Americans have a healthcare power of attorney, and even fewer (30 percent, according to D.A. Davidson) know what it is.⁵ Is your client one of them?

This information gap presents an opening for advisors. While some clients may benefit from deep conversations about wealth and legacy, many simply need clear education on what estate planning covers and why it matters for everyone.

Reason 2: They Think Beneficiary, Payable-on-Death, and Transfer-on-Death Designations Are Enough

Some clients think they have an estate plan when, in fact, all they have are beneficiary, payable-on-death (POD), or (transfer-on-death) TOD designations on some or all of their financial assets. Such designations are often outdated or poorly suited to their current needs and circumstances. 

For starters, beneficiary, POD, and TOD designations generally apply only to specific financial accounts, assets, or insurance policies. They do not cover property such as a vehicle or a house (unless your state recognizes TOD deeds). They also do not cover anything inside the home, such as household belongings, family heirlooms, or collectibles. Without a will or a trust, these assets may have to go through probate court to be distributed according to state intestacy law—which may not include the people your clients would have chosen. 

Another limitation is that these designations do not allow your client to control when the inheritance is received; it can only be distributed outright. Your client cannot stagger distributions based on ages, milestones, or a set number of years after death, or create any other personalized plan. Once the inheritance is in the beneficiary’s hands, your client will lose the ability to protect it from creditors or add guardrails for minor children or adult beneficiaries who may be inept at managing money.

Finally, beneficiary, TOD, and POD designations work as intended only if they are kept up to date. A form filled out years ago and not updated after a major life event, such as a divorce, a marriage, or the birth of a child, could mean that the people to whom your clients meant to leave their assets are unintentionally left out. 

Beneficiary, TOD, and POD designations can be valuable tools within a comprehensive, well-thought-out estate plan, but without broader planning and regular updates, they can leave major gaps. Ask your clients when they last updated their beneficiary designations, whether they named backups in case something happens to their initial choices, and if they are okay with outright distributions to their chosen beneficiaries, which offer no protections for them. 

Reason 3: They Have Told Their Loved Ones What Their Wishes Are

Clients may assume that they do not need an estate plan because they have had “the talk” with their loved ones about who gets what when they die. Since everyone knows their wishes, they may believe that no attorneys or courts need to be involved. They trust their family to act responsibly and do what was discussed. Everyone seems to agree. 

The problem is that verbal conversations your client has with their loved ones—no matter how much they promise to honor the client’s wishes—are not legally binding. Open communication and trust are important, but putting your client’s wishes into a legally valid estate plan is essential for true protection. Memories fade, stories conflict, and family harmony can break down overnight when money or property is at stake. What begins as a peaceful family agreement can quickly unravel into bitter probate court battles.

If your client has no legally valid estate plan, the court may need to get involved, and the outcome might look nothing like what the client wanted or what their family thought they agreed to. Verbal agreements may feel binding, but as far as estate planning goes, spoken promises are worth little more than a pinky swear.

Find Out What Motivates Your Client

A common thread running through these three points is that perception informs reality. A client may believe they do not have enough to pass on, assume that naming beneficiaries on all of their accounts will avoid probate, or think that verbally expressing their wishes is sufficient. However, reality is much different. 

You do not have to be heavy-handed to get clients to think about their estate plan. A few well-placed questions—even something as simple and direct as “Do you have an estate plan?”; “Do you know what happens without one?”; or “What matters most to you?”—can start them thinking. 

How they define and express their legacy is their prerogative. Creating a plan so they can protect it is ours. When reflection leads to action, we can help you and your clients take the next steps.

1. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
2. 2025 Estate Planning Report, Redefining Legacy, Trust and Will, https://trustandwill.com/documents/2025-estate-planning-report. ↩︎
3. Only One-Third of Americans Have an Estate Plan, D.A. Davidson Survey Finds, D.A. Davidson (Oct. 11, 2022), https://www.dadavidson.com/About-Us/News/ArticleID/5443/Only-One-Third-of-Americans-Have-an-Estate-Plan-D-A-Davidson-Survey-Finds. ↩︎
4. Victoria Lurie, 2025 Wills and Estate Planning Study, Caring (Sept. 17, 2025), https://www.caring.com/resources/wills-survey. ↩︎
5. Only One-Third of Americans Have an Estate Plan, D.A. Davidson Survey Finds, D.A. Davidson (Oct. 11, 2022), https://www.dadavidson.com/About-Us/News/ArticleID/5443/Only-One-Third-of-Americans-Have-an-Estate-Plan-D-A-Davidson-Survey-Finds. ↩︎

Who wants to live to be 100? That depends on who you ask. 

Whatever the answer, one thing is clear: The odds of reaching that milestone are rising, along with the length of retirement and the number of life changes that come with it.

Life expectancy gains in the US since the turn of the century are staggering, and they are straining retirement, medical, and support systems that were not designed for such longevity. The number of Americans who are 100 years old or older has nearly tripled over the past three decades and is expected to quadruple over the next 30 years.¹

Though an aging population is a public policy challenge, reaching age 100—and beyond—is also a personal milestone that more Americans than ever are celebrating. While few people plan to live 100 years, more of us will, and financial and estate plans need to keep pace with that new reality.

Age 100 (and Counting)

Georgia resident Naomi Whitehead became the oldest living American when she turned 114 in September 2024.²

Raised on a farm, Whitehead attributes her long life to hard work.³ Her story is also one of incredible change. She was born in 1910, when the average life expectancy for women was just under 52 years.⁴ Only one in eight homes had electricity. Women could not vote, and income tax did not exist. During her lifetime, Whitehead has witnessed two world wars, the Great Depression, the moon landing, airline travel, civil rights milestones, and the digital age. 

Now living in a senior care facility in Pennsylvania, she may have updated her estate plan a few times along the way, as she has outlived her husband and three sons.

And because of the trend toward longer life expectancies, the chances of her grandchildren reaching 100 are far higher than Whitehead’s. However, those added years are not always healthy years. Early gains in longevity came from decreased rates of infant mortality and improvements in public health; recent increases in life expectancy come from medical advancements that increase the odds of surviving later-life conditions. But today we spend more years managing chronic illnesses such as arthritis, diabetes, and dementia than ever before. We are living longer lives but not healthier ones.⁵ 

A person’s health directly impacts their wealth, and the link between health and wealth becomes increasingly important with age. A longer life means more years of expenses, more potential for incapacity, and greater pressure on retirement and estate plans. Clients—and their advisors—must plan for longevity risk: the financial, medical, and legal challenges of living longer.

Financial Planning for a Longer Life

Statistically, most of us will not live to be 100, let alone become a supercentenarian (a person who reaches the age of 110 or older) like Naomi Whitehead. However, most Americans are living longer. 

Many Americans are planning, or should be, for retirements as long as 30 or 40 years. How they will fund their living expenses and medical costs in retirement, and avoid outliving their savings, is an open question. 

The median retirement savings balance for 55- to 64-year-olds is $185,000.⁶ A typical 65-year-old couple can expect to pay more than $680,000 in lifetime medical costs.⁷ That figure represents only out-of-pocket costs, not expenses covered by Medicare. It also does not account for long-term care, which could cost upwards of $100,000 per year, according to an RBC Wealth Management survey.⁸ 

Only slightly more than half of respondents told RBC that they have factored the cost of healthcare into their wealth plans.⁹ Of those respondents, half say they are probably underestimating care costs.¹⁰ 

Estate Planning in the Age of Longevity

Like retirement savings, estate plans are often not built for the long (and getting longer) haul. And that is assuming that someone already has an estate plan. The number of Americans who do not have an estate plan is double the number of those who do.¹¹ Those who do have a plan often go years or decades without updating it. 

Even if an estate plan was updated at the brink of retirement, by the time someone reaches their 80s, 90s, or 100s, that plan could be woefully outdated. Beneficiaries and trustees may have died, family dynamics may have shifted entirely, and new generations—grandchildren, great-grandchildren, and even great-great-grandchildren—may have been born and now need to be considered.

Living longer also increases the odds that something will go wrong, medically, financially, or legally, including:

• Cognitive decline or incapacity
• Outdated or missing powers of attorney
• Obsolete fiduciaries (trustees, executors, agents)
• Conflicting or outdated beneficiary designations
• Misaligned or forgotten asset ownership
• Unintentional disinheritance
• Long-term care funding gaps
• Lack of end-of-life directives

Advisors should consider not only retirement savings and what happens during an aging client’s life but also what happens after their death. Will their plan support younger loved ones, protect vulnerable family members, or fuel multigenerational giving? The longer someone lives, the more likely their estate plan will need a full review instead of just a few minor revisions. 

Planning for the Century Mark (and Possibly Beyond)

Even if clients do not live to be 100, planning as though they might is a smart way to protect both their quality of life and the legacy they leave behind. Estate planning for longer-living Americans should address the following considerations: 

• Rising healthcare costs. Long-term care insurance or hybrid policies with long-term care riders can help offset the expense of home care, assisted living, or nursing facilities.
• Income longevity. Advisors should stress-test retirement plans for longer-than-expected life spans and anticipated inflation. Annuities, guaranteed income streams, later retirement, and conservative withdrawal strategies can all help clients avoid outliving their assets.
• Incapacity planning. Durable powers of attorney and healthcare proxies should be up to date and reflect trusted decision-makers who are still alive, willing, and able to act.
• Trust-based planning. Trusts can provide long-term asset management, protection, and flexible distributions while also ensuring seamless incapacity planning for clients who may live well into their 80s, 90s, or even 100s.
• Ongoing review. Estate plan reviews with an experienced attorney at regular intervals (typically every three to five years, but more often as your clients age) or when your clients experience major life changes (such as the death of a loved one, marriage, divorce, inheritance, or significant financial shifts) help ensure that the estate plan evolves with the client’s life, goals, and health realities.

National Centenarians Day is a reminder that a person’s age does not tell their full story. Longer lives demand deeper planning and more thoughtful strategies. Whether your clients are entering retirement or approaching the century mark, now is the time to revisit whether their financial and estate plans are built to go the distance.  

Let’s talk about how to build a plan that stands the test of time—no matter how long that time turns out to be.

1. Katherine Schaeffer, U.S. Centenarian Population Is Projected to Quadruple over the Next 30 Years, Pew Rsch. Ctr. (Jan. 9, 2024), https://www.pewresearch.org/short-reads/2024/01/09/us-centenarian-population-is-projected-to-quadruple-over-the-next-30-years. ↩︎
2. Renee Onque, 114-Year-Old Woman in Pennsylvania Is Now the Oldest-Living American: “I’ll Live As Long As the Lord Lets Me,” Makeit (Nov. 6, 2024), https://www.cnbc.com/2024/11/06/114-year-old-woman-in-pennsylvania-is-now-the-oldest-living-american.html. ↩︎
3. Id. ↩︎
4. Aaron O’Neill, Annual Life Expectancy at Birth in the United States, from 1850 to 2023, with Projections Until 2100, Statista (July 31, 2025), https://www.statista.com/statistics/1040079/life-expectancy-united-states-all-time. ↩︎
5. Douglas Broom, We’re Spending More Years in Poor Health Than at Any Point in History. How Can We Change This?, World Econ. F. (Apr. 5, 2022), https://www.weforum.org/stories/2022/04/longer-healthier-lives-everyone. ↩︎
6. Alana Benson, What Is the Average Retirement Savings by Age?, Nerdwallet (Aug. 19, 2025), https://www.nerdwallet.com/article/investing/the-average-retirement-savings-by-age-and-why-you-need-more. ↩︎
7. RBC Wealth Mgmt., Retirement Income Planning: Long-Term Care Considerations 1 (2025), https://docs.rbcwealthmanagement.com/us/4346-retirement-income-planning-long-term-care.pdf (citing Healthview Servs., 2021 Retirement Health Care Costs Data Report, https://hvsfinancial.com/wp-content/uploads/2020/12/2021-Retirement-HC-Costs-Report-op-final.pdf). ↩︎
8. Plan Ahead for Potential Long-Term Care Expenses, RBC Wealth Mgmt. (Oct. 2024), https://www.rbcwealthmanagement.com/en-us/insights/plan-ahead-for-potential-long-term-care-expenses. ↩︎
9. RBC Wealth Mgmt., Taking Control of Health Care in Retirement 5 (2023), https://www.rbcwealthmanagement.com/assets/wp-content/uploads/documents/insights/taking-control-of-health-care-in-retirement.pdf. ↩︎
10. Id. ↩︎
11. D.A. Davidson Survey Finds That Two-Thirds of Americans Do Not Have an Estate Plan, DADavidson, https://www.dadavidson.com/Perspectives-Insights/Perspectives-Insights-Article/ArticleID/1391/D-A-Davidson-Survey-Finds-That-Two-Thirds-of-Americans-Do-Not-Have-an-Estate-Plan (last visited Aug. 26, 2025). ↩︎