What Is Legacy Planning?

Only 50% of all Americans over the age of 65 have an updated last will and testament.

Why do some people choose to not take advantage of estate planning? Too busy? Don’t really want to think about dying? Think you have time to take care of it later? 

Making plans for what happens to your wealth after you’re gone is not a subject with which a majority of people are comfortable, but legacy planning will give you peace of mind. 

What is legacy planning? Legacy planning means spelling out to whom you’d like to bequeath money and assets when you pass. Keep reading to find out more.  

Financial Strategy

Legacy planning is more than coming up with a plan for your assets after you die. It’s a financial strategy that you discuss and create with a financial advisor.

Your financial advisor will give you different financial strategies that can help mitigate tax issues that your loved ones and beneficiaries may face after your death. A solid plan will eliminate leaving them with large tax burdens. 

How Does It Work? 

If you want to spell out to whom you leave your wealth, assets, and possessions when you die, legacy planning is a must. Without a plan, the management of your asset may not be what you wanted. 

Do you want certain family members to get specific assets? Do you want to designate that some of your wealth goes to charity? Whatever your wishes, it’s important to get your affairs in order sooner than later. 

The Role of a Financial Planner

A financial planner will advise you on legacy planning and help you reach financial security. The goal is for you to have a comfortable life and a legacy to leave to your loved ones. 

A financial planner can also help ensure that your business, farm, or financial interests prosper and are managed properly after you’re gone. It’s good practice to set up a meeting with the beneficiaries and the financial planner to discuss how you’d like your estate managed after you’ve passed. This eliminates surprises. 

Prepare for the Unexpected 

When carrying out legacy planning, a financial advisor will suggest a plan for an unexpected death. Sometimes this is referred to as an In Case of Emergency Pack or ICE pack. 

An ICE pack contains everything your loved ones need like bank accounts, insurance information, your will, and instructions on how you want things handled. 

Making your funeral arrangements while planning your legacy? Find out the cost of cremation here to make the right choice for you and your loved ones. 

Eliminate Uncertainty with Legacy Planning 

Now you know the benefits of legacy planning. It allows you to have a plan for your loved ones so you can enjoy life and not worry about an uncertain future. 

Looking for a solution to every problem you face? Be sure to bookmark our site. Our team works hard to provide solutions and keep you up-to-date on almost everything. 

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Christophe Rude
Christophe Rude
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