Almost every night we sit around the living room for mom to read. This has become such a cherished activity that my younger two want to be read to more than I have time. To solve the problem, a couple years ago my eldest began reading to them too. Then when one child wanted her to read but not the other she pulled a separate book out for him or her to have read especially for only that one on one time. So on a particular shelf in my living room I have a pile of books. This is where we keep the books we are currently reading. And it seems to get bigger and bigger. They will each keep their current book that they are reading on their own on this shelf or sometimes on their headboards. And we have the book Mom is reading during school, the book mom is reading at bedtime, the book 16yo is reading to both her siblings as well as each book she is currently reading to the individual siblings and I even have one there that I am reading to dd when ds doesn't want to be read to. LOL
This time together has built such wonderful memories. We have bonded over stories we loved and even some we didn't like at all. My husband has come to read for us on occasion when his time allows and this is always a special treat. Some stories have made us look at maps and others have inspired us to try cooking something new. My children have colored while listening and other times built with blocks. There are no restrictions as long as they are quiet and listening but most of the time they prefer to just snuggle up beside me.
It doesn't matter how old my children get or how well they can read on their own, family read aloud time will still remain.