Ask These Four Questions When Planning Your Legacy
While many people equate legacy planning with estate planning, they are not the same. Estate planning is a component, but legacy planning involves more than simply deciding who inherits your assets—it's about ensuring your wealth is passed down efficiently and according to your wishes.
To help you get started, here are four essential questions to ask when preparing your finances to pass to your loved ones.
1. Is Your Beneficiary Information Up-to-Date?
Every financial account you own—from retirement accounts to life insurance policies—requires a beneficiary designation. This can include primary and secondary beneficiaries, and you may even have multiple beneficiaries per account. It’s vital to review this information annually to ensure its accurate and reflects your current wishes.
Ask yourself:
- Have there been any life changes, such as a marriage, divorce, or birth, that might affect your choices?
- Is the contact information, including addresses and phone numbers, up to date?
It’s also wise to have a conversation with your beneficiaries so they understand what to expect. Additionally, consider assigning a Financial Power of Attorney for each of your accounts, and discuss the responsibility with that individual to make the process as seamless as possible in the event of your passing.
2. Are Your Beneficiaries Aligned with Your Wealth Transfer Strategy?
Our beneficiaries are often family members—children, grandchildren, nieces, nephews—but have you discussed your wealth transfer strategy with them? Open communication helps ensure that your financial goals align with theirs. These discussions can provide peace of mind, both for you and for your loved ones, knowing that your wishes will be honored.
By planning together, you allow your beneficiaries to prepare for their financial future and gain a clearer understanding of how your estate can help support their long-term goals.
3. Are There Non-Beneficiaries or Organizations You Wish to Support?
If you have individuals or charitable organizations you want to provide for, but they aren’t listed as beneficiaries, it’s essential to plan accordingly. This could involve including them in your will or exploring trust options.
For those who are retirement-aged, consider options like Qualified Charitable Deductions (QCDs), which allow you to make tax-efficient gifts to churches or non-profits. Taking the time to explore all your gifting options, especially in a tax-aware manner, ensures your legacy leaves the lasting impact you intend.
4. Are There Other Assets to Consider in Your Wealth Transfer Strategy?
It's easy to overlook certain assets—perhaps those managed by another advisor or assets you’ve kept separate. To build a comprehensive legacy plan, ensure all your assets are factored into your strategy. This full and honest accounting can help you avoid complications down the line and ensures no significant asset is left out.
Legacy planning is often a complex and emotional process. No one likes to imagine a world after they pass, but by asking these questions and including your loved ones in the process, you can create a much smoother transition for them.
If you need assistance, our team has extensive experience helping families navigate this important planning process. Give us a call today to schedule a meeting with an advisor—we’re here to help!
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