Category: The Wealth Counselor

Well, that doesn’t seem right. 

It usually starts with something small. A strange email from a bank your client does not recognize. A new credit card account they do not remember opening. A password reset link they never requested. A notice from the IRS that someone has already filed a tax return in their name. 

At first there is confusion. No, there’s no way that’s right. 

Then anxiety sets in. Am I being scammed? 

After that, there may be hours or days spent on the phone with banks, credit bureaus, and government agencies to reach an unsettling conclusion: Someone has my information and is pretending to be me. 

Next comes anger, frustration, and a sense of violation. How could this happen?

Acceptance eventually sets in, along with a determination to never let scammers get the upper hand again. But sometimes it is too late. The damage has been done—to finances, reputation, peace of mind, and, sometimes, legacy. 

Preventing cybercrimes such as identity theft starts with awareness, including the recognition that cybersecurity is not just an IT problem anymore. It is a wealth preservation issue that can affect someone’s legacy even after they are gone. And for advisors, that awareness plays a central role in strengthening clients’ digital defenses long before their estates ever reach administration. 

Scammers routinely target estates, executors, and grieving families, often by mining obituaries and public probate records to launch phishing, impersonation, and identity-theft schemes.

Growing Cyberthreats Can Affect Estate Planning

Consider having “the talk” with clients about cryptocurrencies and their digital estate plan if they have one. However, that talk is incomplete if it fails to cover the growing risks that their digital assets—and legacy—face from cybercriminals.

• Seventy-three percent of US adults have experienced some form of online scam or cyberattack. Most report weekly scam calls, text, and emails.¹ 
• Americans reported 2.6 million fraud cases and 1.1 million identity-theft incidents to the Federal Trade Commission (FTC) in 2024. Losses exceeded $12.5 billion, a 25 percent increase over the prior year.²
• Identity theft is now one of the most common types of consumer fraud, with nearly 750,000 cases in the first half of 2025 alone.³ 
• Seventy-six percent of consumers say they feel more anxious about cybersecurity today than they did two years ago, driven by impersonation enabled by artificial intelligence (AI) and increasingly sophisticated scams.⁴

Cybercriminals now use AI-generated voice clones to impersonate loved ones, breached financial and medical data to answer security questions, and automated scraping of public records to target people with unnerving precision. Nearly everyone will be targeted at some point if they have not already been. Even if your clients avoid direct harm during their lifetime, their estate and heirs may be more vulnerable after their death.

Why Estates Can Be Vulnerable to Cybercriminals

Older adults are particularly vulnerable to online scams and fraud due to their lower digital literacy and higher accumulated wealth. The FBI reports that in 2024, Americans over the age of 60 were the most frequently targeted group and lost the most money.⁵

Fraud schemes targeting the estates of people who have passed away are another area of growing cybercrime concern.⁶ As with older adults, estates, particularly those of seniors, are often perceived as holding substantial assets. The individuals and property involved with estate administration can also create unique vulnerabilities that attract cybercriminals. 

• The decedent’s loved ones are often overwhelmed and distracted, making them more susceptible to realistic-sounding scams. Cybercriminals use times of chaos, confusion, and heightened emotion to their advantage, preying on feelings such as fear, urgency, and trust during times when people might let their guard down. 
• Executors may be unfamiliar with digital security, making phishing attempts more successful.
• Multiple parties (attorneys, advisors, banks, beneficiaries) are exchanging sensitive documents during estate administration, sometimes through unsecured or informal methods.
• The decedent’s dormant accounts are often easy entry points for identity theft because they often go unmonitored, rely on outdated passwords, and may be tied to personal information that criminals can exploit before anyone realizes there is a problem.
• Scammers routinely impersonate banks, government agencies, attorneys, or even the executor.
• Probate is public, giving criminals a ready-made list of heirs, contact information, and sometimes asset details.

Social engineering attacks—scams that use deception rather than technical hacking—that rely on sophisticated cybertools such as AI to exploit basic human psychology and manipulate people are on the rise.⁷ And just as cybercriminals capitalize on natural disasters⁸ and tech outages,⁹ the estate administration process is a scenario that could provide the perfect opening for fraud and deception. 

A Digital Defense Plan for Advisors and Their Clients

Clients count on advisors to help safeguard their wealth. In today’s digital world, that includes protecting against cyberrisks that can compromise traditional and digital assets. Advisors can meaningfully reduce exposure by addressing the most common vulnerabilities before and during estate administration.

Issue: Email is the weakest link. Most cyberattacks begin with email.

• Advisor action: Encourage strong passwords, multifactor authentication (MFA), and encrypted document-sharing platforms. Advise against sending sensitive materials unprotected and urge your clients to encourage their executors to follow the same security practices when administering the estate.

Issue: Executors cannot secure what they cannot see. Unknown or dormant accounts remain open and unmonitored, making them prime targets for takeover and identity theft.

• Advisor action: Help clients build a detailed inventory of important digital accounts and storage locations. Instead of collecting credentials yourself, have your clients ensure that their fiduciaries know what accounts must be closed, monitored, or secured. 

Issue: Sensitive legal and tax documents are insecurely stored or shared. Wills, statements, and tax documents often sit unprotected in inboxes or cloud folders.

• Advisor action: Encourage secure online storage using encrypted folders or password-protected vaults, and ensure that fiduciaries know where to find documents and how to access them.

Issue: Executors may not be prepared for digital threats. Phishing attempts surge during estate administration, and many executors are unfamiliar with digital-security practices.

• Advisor action: Suggest naming a tech-literate executor (or coexecutor) who is comfortable managing digital accounts and security protocols. Have clients provide a brief “executor security checklist” that outlines verification steps (such as confirming account ownership and access authority) and highlights common red flags such as urgent payment requests, unexpected account changes, or requests for credentials.

Issue: Probate exposes personal information. Public probate court filings often disclose the names and contact information of executors and beneficiaries and may even include a list of assets with their values—information that scammers can easily weaponize.

• Advisor action: Encourage your clients to meet with their estate planning attorney to discuss whether trust-based planning or other probate-avoidance tools can reduce public exposure and limit targeted fraud.

Issue: Heirs and beneficiaries are prime targets for impersonation scams. Criminals impersonate banks, attorneys, courts, or even the executor to solicit money or sensitive data. For example, a scammer may send an email posing as the estate’s bank or attorney, claiming an urgent problem with an account and requesting immediate payment or login credentials from a beneficiary or executor.

• Advisor action: Encourage clients and prospects to educate executors and beneficiaries about common scams¹⁰ and establish a simple verification process for unexpected requests.

Issue: Identity theft of the deceased is common. Criminals use a decedent’s information to open credit accounts, redirect mail, or file fraudulent tax returns.

• Advisor action: Provide clients with a postdeath digital checklist: notify credit bureaus, freeze credit files, and close unused accounts promptly.

Issue: Families may not know what “normal” looks like. Executors and heirs sometimes cannot distinguish legitimate communications from sophisticated scams.

• Advisor action: Become engaged early in the process. Encourage fiduciaries and heirs to verify all unexpected communications with you or the estate’s attorney before acting.

The Best Defense Is a Good Office Visit

“The best defense is a good offense” is a truism in sports, the military, and the business world. Advisors and clients cannot confront online fraudsters in their digital hideouts, but they can take a proactive approach to cybersecurity rooted in awareness, preparation, and avoiding high-risk situations. 

Schedule a time to talk with your clients about their digital defense plan and how you—and we—can be part of the solution.

1. Jeffrey Gottfried, Eugenie Park, & Monica Anderson, Online Scams and Attacks in America Today, Pew Rsch. Ctr. (July 31, 2025), https://www.pewresearch.org/internet/2025/07/31/online-scams-and-attacks-in-america-today. ↩︎
2. New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024, Fed. Trade Comm’n (Mar. 10, 2025), https://www.ftc.gov/news-events/news/press-releases/2025/03/new-ftc-data-show-big-jump-reported-losses-fraud-125-billion-2024. ↩︎
3. Jack Caporal, Identity Theft and Credit Card Fraud Statistics for 2025, MotleyFoolMoney (Aug. 15, 2025), https://www.fool.com/money/research/identity-theft-credit-card-fraud-statistics. ↩︎
4. Vicky Hyman, When It Comes to Fraud, a Sense of Insecurity and Even Inevitability, Global Survey Shows, Mastercard Cybersecurity (Oct. 6, 2025), https://www.mastercard.com/us/en/news-and-trends/stories/2025/consumer-cybersecurity-survey.html.
   ↩︎
5. Press Release, FBI, FBI Releases Annual Internet Crime Report (Apr. 23, 2025), https://www.fbi.gov/news/press-releases/fbi-releases-annual-internet-crime-report. ↩︎
6. Henry Rinder, Fraud Targeting the Elderly and Estates: A Growing Concern, NJCPA (Sept. 23, 2024), https://www.njcpa.org/stayinformed/news/blog/post/njcpa-focus/2024/09/23/fraud-targeting-the-elderly-and-estates–a-growing-concern. ↩︎
7. Michelle Maratto & Sana Hashmat, Unmasking Social Engineering: Protecting Your Wealth from Deceptive Cyber Tactics, J.P. Morgan Wealth Mgmt. (Oct. 1, 2025), https://www.jpmorgan.com/insights/cybersecurity/phishing/unmasking-social-engineering-protecting-your-wealth-from-deceptive-cyber-tactics. ↩︎
8. Niamh Ancell, Cybercriminals Capitalize on LA Wildfire Chaos via Fake GoFundMe’s and Crypto Coins, Cybernews (Jan. 17, 2025), https://cybernews.com/cybercrime/cybercriminals-exploit-la-wildfires. ↩︎
9. Brian Fung & Sean Lyngaas, Hackers Are Already Taking Advantage of the CrowdStrike Outage Chaos, CNN Bus. (July 22, 2024), https://www.cnn.com/2024/07/22/tech/hackers-crowdstrike-outage-scams. ↩︎
10. How to Avoid Imposter Scams, Fed. Trade Comm’n Consumer Advice, https://consumer.ftc.gov/features/how-avoid-imposter-scams (last visited Dec. 22, 2025). ↩︎

In 2013, British IT worker James Howells accidentally threw away a hard drive while cleaning his house. Only later did he realize that it held the private key to 8,000 Bitcoin that are now worth hundreds of millions of dollars.¹

For more than a decade, he has tried unsuccessfully to persuade local officials to let him dig up the landfill where he believes the drive lies buried, even offering to buy the landfill, to no avail. 

His desperation illustrates not just the meteoric rise of Bitcoin and cryptocurrencies but also a fundamental aspect of what sets these assets apart. Without the private key, the Bitcoin is gone forever. There is no password reset and no recovery mechanism.

Crypto is the only asset class where a simple loss of access, not market decline, can wipe out an entire fortune. And that risk does not disappear when a client dies. If an executor cannot locate the wallet, seed phrase, or authentication steps, the asset may as well not exist.

Advisors can learn a lesson from Howells and the lengths to which he is willing to go to recover his lost drive: Clients who own crypto need an estate plan that accounts for how uniquely valuable—and fragile—these assets can be. 

Who Owns Crypto?

When Howells first mined his Bitcoin, cryptocurrency was known mostly within tech circles. Since 2013, however, the value on the drive he inadvertently discarded has exploded from around $9 million to nearly $923 million,² tracking the dramatic rise of crypto into a widely held asset. Indeed, many experts and reports consider 2025 the year that crypto went mainstream.³ 

No longer a niche experiment, Bitcoin and other cryptocurrencies are now widely viewed as “digital gold” and, often, a hedge against traditional assets. Bitcoin alone has a market capitalization near $2 trillion, making it one of the world’s largest assets, ranked ahead of major global companies.⁴

Despite its volatility, Bitcoin’s long-term performance has been extraordinary. Ten-year returns exceed 26,000 percent, far outpacing the S&P 500, gold, oil, and US Treasury bonds.⁵ A modest $100 in Bitcoin in 2014 would have been worth nearly $27,000 in 2024.⁶ 

Gains such as these explain why Howells is still willing to unearth tons of garbage—and why crypto has attracted millions of investors. What was once a fringe experiment has moved firmly into the financial mainstream, though estimates of how many Americans hold cryptocurrency vary widely.

• A June 2025 Gallup survey found that 14 percent of all US adults own Bitcoin or another cryptocurrency, rising to nearly 25 percent for men ages 18–49.⁷
• A Security.org study places total US crypto ownership much higher, at 28 percent (about 65 million adults).⁸
• Federal Reserve estimates come in far lower, at around 4.3 percent.⁹

Interestingly, Federal Reserve data also shows that only 2–3 percent of US consumers use cryptocurrency for everyday purchases or money transfers.¹⁰ This suggests that most owners view crypto primarily as a long-term rather than a short-term play and supports the crypto community mantra “HODL” (“hold on for dear life”).

This growing level of adoption has also fueled a strong sense of confidence among crypto proponents. As Howells wrote on X in August 2025: “You can block the gates. You can pack the courts. But you cannot block the blockchain. Crypto has already won.”¹¹ A blockchain is a shared digital record book stored across many computers that securely tracks transactions and cannot easily be changed or erased. In essence, Howells is expressing his belief that cryptocurrency is too decentralized to be stopped by traditional power structures like governments, courts, or regulators.

That confidence, however, exists alongside a far less predictable market reality, and opinions on it can vary as much as its price fluctuations. One could argue that the early adopters are the biggest winners: Bitcoin hit a record high in late 2025. But six weeks later, all its gains for the year had been erased,¹² giving credence to the crypto naysayers. 

However, more former critics are coming around as institutional investors, financial advisors, and Main Street buyers push crypto further into respectability.¹³ Kevin O’Leary, Shark Tank’s “Mr. Wonderful,” once called Bitcoin “garbage” (before he flipped from crypto skeptic to investor).¹⁴ 

Having the Crypto “Talk” with Clients

Crypto is unique, in part, because it presents more than one way to lose big. Market volatility is one risk. But with cryptocurrency, a simple oversight (like Howells’s) can erase a client’s holdings. 

Every Bitcoin transaction requires a private key, or an encrypted string proving ownership of the crypto funds held in a particular wallet. Coinbase likens it to a “password that unlocks the virtual vault that holds our money.”¹⁵

In Howells’s case, that safeguard became the problem: The missing hard drive contains a record of the private key. Without it, he cannot access his Bitcoin.

Herein lies the heart of the issue for professionals who advise crypto owners: Access must be identified, documented, and shared with the right people ahead of time. There is no mechanism—not through the courts, not through custodians, not through the blockchain—for an executor or other digital fiduciary to recover a lost private key.

Decentralization is what makes crypto appealing to many investors. It is also why proactive planning is essential to preserve this digital asset. Crypto may be the future of money. However, unless clients address access and other unique crypto issues while they are alive, their crypto wealth could be impossible to preserve, manage, or transfer after their passing. 

How to Hold on for Dear Life: An Action Plan for Advisors with Crypto-Owning Clients

Whether your client is a longtime “HODLer” or a recent crypto investor, failing to plan for access can lead to catastrophic and irreversible loss. Advisors can help by flagging a few core issues early and pairing them with clear next steps.

Issue: Clients may not disclose crypto unless asked

• Advisor action: Add a simple question to annual reviews: “Do you hold any cryptocurrency or digital tokens?” Many clients do not think to mention small or experimental holdings unless prompted.

Issue: Crypto holdings are often scattered and poorly organized

• Advisor action: Help clients create a cryptocurrency inventory of wallet types, platforms, and general holdings. Guide them on structure only—do not collect or store private keys or seed phrases for your records.

Issue: Access information is insecurely stored 

• Advisor action: Encourage secure, redundant storage, such as with a digital password manager, online encrypted vault, or real-life fireproof safe. Clients should also document where access information is kept (without sharing the information itself) so estate fiduciaries can find it when the time comes.

Issue: Executors may lack the technical ability to manage crypto

• Advisor action: Recommend selecting a tech-literate executor or naming a digital executor who is comfortable managing digital accounts and security protocols. Suggest that they include with their estate planning documents a brief “executor security checklist” that outlines verification steps (such as confirming account ownership and access authority) and highlights common red flags such as urgent payment requests, unexpected account changes, or requests for credentials.

Issue: Estate documents may not explicitly address crypto

• Advisor action: Coordinate with the client’s estate planning attorney to ensure that wills and trusts authorize fiduciaries to access, manage, and transfer crypto under applicable state law.

Issue: Crypto tax considerations

• Advisor action: Inform clients that crypto is treated by the IRS as property, not currency, under existing guidance. Executors selling or transferring assets may trigger capital gains. Encourage clients to maintain transaction records and involve tax professionals.

Issue: Advisors must avoid mishandling sensitive data

• Advisor action: Set boundaries. Advisors should never receive or store private keys or wallet credentials. Instead, provide high-level guidance on secure storage options while keeping sensitive data solely with the client or authorized fiduciary and ensuring that any applicable ethical, professional, or regulatory compliance requirements you may be subject to are fully understood and followed.

Issue: Crypto can create liquidity challenges for estates

• Advisor action: Discuss the client’s preferences for holding, liquidating, or transferring crypto at death. Clarifying intentions helps fiduciaries avoid rushed decisions in volatile markets.

Secure the Wallet, Secure the Legacy

Whether your clients hold crypto as a diversification asset, view decentralized digital currencies as the future of money, or fall somewhere in between, ensure that your guidance goes beyond investing strategy and addresses how crypto fits into their estate plan. Thoughtful estate planning can help preserve access, reduce confusion, and protect the value of their crypto for the people they intend to benefit.

1. Ryan Gladwin, Man Fails to Buy Landfill with His Lost $923M Bitcoin—Here’s His New Plan, Yahoo!Finance (Aug. 5, 2025), https://finance.yahoo.com/news/man-fails-buy-landfill-lost-100824532.html. ↩︎
2.  Id. ↩︎
3. Daren Matsuoka et al., State of Crypto 2025: The Year Crypto Went Mainstream, a16zcryto (Oct. 22, 2025), https://a16zcrypto.com/posts/article/state-of-crypto-report-2025.
   ↩︎
4. DeepNewz, Bitcoin Surpasses Google with Over $2 Trillion Market Cap, Becomes Sixth Largest Asset Globally, The Defiant (May 19, 2025), https://thedefiant.io/news/markets/bitcoin-surpasses-google-over-2-trillion-market-cap-becomes-sixth-largest-asset-77ec71e0. ↩︎
5. Prem Reginald, Bitcoin Outperformed Traditional Assets by Over 26,000% in the Last Decade, CoinGecko (Dec. 13, 2024), https://www.coingecko.com/research/publications/bitcoin-versus-traditional-assets-price-returns. ↩︎
6. Id. ↩︎
7. Jeffrey M. Jones & Lydia Saad, Cryptocurrency Still Has Limited Main Street Appeal, Gallup (July 22, 2025), https://news.gallup.com/poll/692777/cryptocurrency-limited-main-street-appeal.aspx. ↩︎
8. Brett Cruz, 2025 Cryptocurrency Adoption and Consumer Sentiment Report, Security (Nov. 21, 2025), https://www.security.org/digital-security/cryptocurrency-annual-consumer-report.
   ↩︎
9. Juan M. Sánchez & Masataka Mori, Cryptocurrency Ownership Among U.S. Households, Fed. Rsrv. Bank of St. Louis (Mar. 11, 2025), https://www.stlouisfed.org/on-the-economy/2025/mar/cryptocurrency-ownership-us-households.
   ↩︎
10. Fumiko Hayashi & Aditi Routh, U.S. Consumers’ Use of Cryptocurrency for Payments, Fed. Rsrv. Bank of Kansas City (Sept. 24, 2025) https://www.kansascityfed.org/research/payments-system-research-briefings/us-consumers-use-of-cryptocurrency-for-payments. ↩︎
11. James Howells (@howelzy), X (Aug. 4, 2025, at 10:59 CT), https://x.com/howelzy/status/1952399001346527334. ↩︎
12. John Towfighi, Why Crypto Is Melting Down and Stocks Keep Falling, CNN Bus. (Nov. 18, 2025), https://www.cnn.com/2025/11/18/business/bitcoin-price-crypto-stocks.
    ↩︎
13. Alexey Bondarev, 10 of the Harshest Bitcoin Critics Who Flipped to Become Frantic Crypto Believers, Yellow (Jan. 4, 2025), https://yellow.com/en-US/news/10-of-the-harshest-bitcoin-critics-who-flipped-to-become-frantic-crypto-believers. ↩︎
14. Kevin Helms, Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio, Bitcoin (Feb. 28, 2021), https://news.bitcoin.com/shark-tanks-kevin-oleary-bitcoin-cryptocurrencies-here-to-stay-invests-portfolio.
    ↩︎
15. What Is a Private Key? Coinbase, https://www.coinbase.com/learn/crypto-basics/what-is-a-private-key (last visited Dec. 22, 2025). ↩︎

Today, many assets that once existed in material form now live entirely online. Photos, financial accounts, business operations, and even personal identities are stored across devices, platforms, and cloud services. Without clear planning and authority, a client’s digital assets can be difficult or impossible for fiduciaries or heirs to access, creating gaps in an otherwise well-structured estate plan.

Clients no longer distinguish between the assets they can physically touch and the ones that exist only online. A person cannot hold cryptocurrency in their hand, but they can transfer significant value instantly from a mobile wallet. They may never step into their e-commerce business, but it can generate substantial income for them that flows directly into digital accounts. 

Digital assets are every bit as real and valuable as traditional property—sometimes even more so. Yet clients do not always treat them that way in their estate plan. They account for their home and heirlooms, but what about their Venmo balance, web domains, and crypto wallets?

A Day in the (Digital) Life

Think about how many digital assets a typical client interacts with on a daily basis. Their smartphone is filled with years’ worth of photos, messages, authentication codes, and logins. They go online to check banking and investment apps, pay bills, move money through PayPal or Venmo, and access cloud storage, subscriptions, rewards programs, and digital wallets. By day’s end, they have used dozens of digital accounts, some holding real monetary value, others containing irreplaceable personal history. Yet most clients do not recognize these items as part of their overall estate. 

A recent Bryn Mawr Trust survey found that Americans now place an average value of nearly $200,000 on their digital assets, and 79 percent say protecting those assets is important—almost identical to the 78 percent who feel that way about traditional financial assets.¹ However, only 44 percent of those working with advisors say the topic of digital assets and digital estate planning has ever been raised.²

People also underestimate the size of their digital footprint. In the same survey, respondents reported having anywhere from a handful to about 250 digital accounts, and many could not even estimate the number of files they have.³

Perhaps most telling for advisors are these responses:

• Twenty-nine percent of people say they feel very or somewhat knowledgeable about digital assets.
• Twenty-one percent say they have only “a little knowledge.”
• Twenty-seven percent have heard the term digital assets but know almost nothing about it.
• Fifteen percent have never heard the term.⁴

For advisors, the message is clear: Clients constantly interact with digital assets but often have no idea what those assets actually are, let alone how to protect them.

So what exactly counts as a digital asset today? That may be less clear. 

Defining (and Inventorying) Digital Assets

Clients (and advisors) may mistakenly believe that digital assets begin and end with Bitcoin or other cryptocurrencies; in reality, digital assets include any electronically stored piece of information a person owns, uses, controls, or derives value from, along with the accounts, platforms, and devices that store that information. They generally fall into several categories:

• Personal communications and media: emails, text messages, digital photos and videos, social media profiles
• Creative and intellectual property: blogs, websites, domain names, digital artwork, nonfungible tokens (NFTs)
• Financial and asset-based accounts: online bank and brokerage accounts, crypto wallets, payment apps
• Business and commercial digital assets: e-commerce stores, bookkeeping and payroll platforms, monetized social media
• Subscription and licensed digital property: e-books, digital movies and music, gaming libraries
• Security and authentication tools: password managers, authenticator apps, encrypted drives
• Records, data, and personal identity: online statements, tax and medical portals, biometric identifiers
• Rewards, memberships, and loyalty programs: airline miles, hotel points, credit card rewards
• Digital memorabilia and archived content: genealogy accounts, cloud-stored archives
• Smart devices and connected technology: smartphones, tablets, computers, smart home devices connected to cloud accounts

Most clients are unaware of how much of their life runs through digital channels until someone asks them to think about it. One effective way to start the conversation is to have clients describe a typical day and identify each digital touchpoint. Then expand the exercise: What do they access weekly? What bills autodraft monthly? Which platforms hold financial data, business information, or personal memories?

Writing down these touchpoints transforms abstract digital assets into a concrete inventory. Viewed over a day, a week, or a month, this exercise reveals accounts and information that should be documented, secured, and incorporated into an estate plan. It turns an overwhelming concept into a clear map of a client’s digital estate and lays the groundwork for attorney-guided planning.

Risks, Red Flags, and Advisor Actions

Even when clients understand what digital assets are, many unintentionally leave them out of their estate plan. Advisors can watch for common risks and match each one with a simple planning step.

Risk: Permanent loss of financial value

• Red flag: Client uses crypto, online-only banks, or payment apps with no documented access plan.
• Advisor action: Encourage clients to inventory these accounts; securely store private keys, login credentials, and multifactor authentication (MFA) methods such as backup codes and authenticator apps in a reputable online password manager or encrypted vault; and clearly reference these records in their estate plan documents.

Risk: Executors cannot access essential digital accounts

• Red flag: Client relies heavily on MFA, password managers, or cloud-only statements.
• Advisor action: Recommend designating a digital executor and ensuring that their estate plan expressly grants that individual digital-access authority in accordance with state law.

Risk: Loss of sentimental or legacy information

• Red flag: Family photos, videos, or messages exist only on a locked phone or locked cloud service.
• Advisor action: Suggest that clients designate Apple or Google legacy contacts⁵ and back up key media in a shared secure location.

Risk: Administrative chaos during estate settlement

• Red flag: Bills, tax documents, or monthly account or debt statements exist only in online portals no one else can find.
• Advisor action: During your reviews with clients, walk through their daily, weekly, and monthly routines to identify where essential data is located and have them leave a digital asset list and corresponding login credentials for their executor or digital executor.

Risk: Identity theft or ongoing charges after death

• Red flag: Dormant accounts, old email addresses, or unused subscriptions remain open.
• Advisor action: Encourage consolidating or closing outdated accounts and maintaining an updated digital asset list.

Risk: Business disruption for owners and entrepreneurs

• Red flag: E-commerce, domain, payroll, or customer management platforms are controlled by the client only, with no documented access or business succession plan.
• Advisor action: Ensure that business owners document critical credentials and incorporate digital continuity into their estate plan, operating or shareholder agreements, and internal governance policies so that authorized fiduciaries can maintain operations, pay employees, and protect customer data during incapacity or after death.

Estate Planning in a Digital World

We are living in a digital world. Advisors and clients cannot overlook digital estate planning, and an estate plan that fails to address digital assets is incomplete and out of date. To bring your client’s plan into the 21st century, schedule time to talk with them (and with us) about protecting their digital legacy.

1. Jamie Hopkins, Bryn Mawr Trust Survey Reveals Americans Value Digital Assets at $191,516 on Average, but Gaps Exist in Digital Asset Awareness and Estate Planning, Bryn Mawr Tr. (Dec. 5, 2024), https://www.bmt.com/news-insights-events/bryn-mawr-trust-survey. ↩︎
2. Id. ↩︎
3. Id. ↩︎
4. Id. ↩︎
5. Roger Fingas, Who Handles Your Death Better? Google, Facebook, and Apple Compared, Android Auth. (Jan. 16, 2022), https://www.androidauthority.com/data-after-death-google-facebook-apple-3088700. ↩︎

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.