Estate planning in your 40s and 50s goes beyond that simple will you might have created when you were younger. Now it's time to update your will not only to consider family changes, grown kids, and older parents you might be caring for, but also to plan for leaving or receiving inheritances. Take this chance to talk to your parents and your kids about their own finances and estate plans. Talking through family members' wants and priorities if they die or get sick can be difficult, but having the conversation — before anything unhappy happens — can make dealing with crisis much easier.