People listen when Warren Buffett talks money.

At age 94, the head of investment conglomerate Berkshire Hathaway is a legendary stock picker. His annual letters to shareholders are required reading among investors. So it's little wonder a recent note to Berkshire Hathaway shareholders about his estate planning thoughts is gaining attention.

Buffett's letter offers insights into his approach to life, family and legacy. The prompt for this letter: giving more than $1 billion in Berkshire Hathaway stock to a foundation named for his late first wife and to family foundations his three children lead. This estate-planning suggestion stood out.

"When your children are mature, have them read your will before you sign it," he wrote. "Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death."

His approach is a timely reminder for the rest of us: Conversations with family and other beneficiaries are critical for crafting your will, your estate plan and your end-of-life wishes. A will tells your heirs how you want your assets and property distributed after death. A will encourages you to think about your legacy. Everyone benefits from estate-planning conversations.

"Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions," Buffett wrote.

Without taking the time to put together a will, state law dictates what happens. Yet multiple surveys show few people have an estate plan, let alone talked it through with beneficiaries. A 2024 Caring.com survey reported only 32% of Americans have a will. A survey by the demographic consulting firm Age Wave and the financial service company Merrill Lynch from several years ago reported nearly half of Americans older than 55 have no will.

The call to personal finance action: If you don't have a will, make an appointment with an estate planning lawyer, or for those with uncomplicated situations, use an online resource like Nolo's Quicken WillMaker & Trust. Second, start a conversation about your plans and desires with loved ones and field their feedback and input. Your basic estate plan should include a will, a health care directive and durable power of attorney.

The holiday season is a time for gatherings of family, extended family and close friends. Why not start the conversation now and continue it into the new year? There is no time like the present.

Chris Farrell is senior economics contributor for "Marketplace" and a commentator for Minnesota Public Radio.