Category: Legacy Planning
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, ni
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