There is a children's book based on the story found in the Frank Capra classic. It is titled It's a Wonderful Life for Kids, Too! and was written by one of the child cast members all grown up. Jimmy Hawkins played the youngest son Tommy in the movie and wrote this children's version of the story as a tribute to the movie in honor of its 60th anniversary.
I can't imagine this book replacing the warmth and comfort so many, including me, get annually from the holiday showing of the film. But if this book can give kids who may not be fans (yet!) of the movie some of the same positive feelings about family and community that the movie does, that is a good thing. Hey, it might inspire them to sit down with parents and grandparents and watch the black and white classic.