If you are planning a legacy, it means that you are planning to pass on your assets to your future generations. A modern estate plan incorporates so much more than leaving behind a will. With a dedicated legacy plan, you can ensure that all the assets that you have worked for aren’t replicated within a short time or due to the mismanagement of others.
Read on to learn more.
Planning a legacy means that you are taking active steps and planning a strategy that can prevent your assets from going to waste after you’re no longer in this life. With effective legacy planning, you can avoid mismanagement, loss of your assets or inheritance, and overspending.
An effective legacy plan includes your living trusts, power of attorney, your will, and other potential documents. A detailed legacy plan provides your assets with the best protection possible.
The Long-Term Impact of Legacy Planning
In its essence, a legacy plan outlines and details your decision regarding how you want to be remembered and which of your non-financial and financial gifts you leave behind for your future generations. While estate planning focuses on distributing your assets after your death, legacy planning elaborates the scope and integrates your values, lessons, family history, and charitable plans to make a long-term impact.
Get Expert Advice on Legacy Planning
Creating a legacy requires a lot of time and effort in establishing a dedicated plan that comprises your financial bequests and a strategy that aligns with your legacy goals. Without a strategy, you will struggle with establishing a legacy that reflects your beliefs and values, and a plan to pass on those values.
To make things easier for yourself, we recommend that you get expert advice from the best legacy planning services, which can protect your values and create the perfect legacy plan that is aligned with your finances and legacy goals.
The financial and estate planning experts at Creative Planning can help you with the needful while protecting your interests and privacy.
Setting Up Trusts to Delegate Control
Effective legacy planning includes setting up trusts to delegate control of your various assets. Those delegated assets then have a trustee. The assets are also aligned with your predefined terms and conditions for the potential distribution of those assets to your predefined beneficiaries.
You can decide whether or not the trustee will transfer assets to the beneficiaries, and if so, then under which terms and conditions. But you can also direct the trustees on how you want the assets to be distributed.
Potential Benefits of Legacy Planning
When it comes to creating a dedicated legacy plan, you can benefit from it in various ways. For instance, with a legacy plan, you can significantly reduce potential family conflicts, decrease taxes, and prevent holdups caused by probate. More importantly, you can make sure that your wishes are respected.
If you take your time and a legacy plan carefully, you can make sure that your family flourishes in your absence. We recommend that you establish a legacy plan along with your estate plan so you can shape the future of your upcoming generations and maintain a family legacy.