Leaving a Legacy

Is your family prepared to manage their future assets? What practical steps can you take to help your beneficiaries manage the influx of wealth?

Educating Your Beneficiaries

Adult children who haven't been prepared for their financial future sometimes have difficulty with financial mismanagement during the wealth-transfer process. The good news is that you can take steps now to prevent these future problems.

You can also help younger family members better understand the importance of preserving the family’s wealth by creating documents such as value statements. It can be helpful for senior family members to clarify and write down their financial values and the lessons they wish to impart. Relay those values to younger family members who may feel disconnected from the family history and wealth-building process.

Activating Financial Values Through Involvement

Teach your children by involving them in annual reviews with the family’s financial advisor. Encourage them to research and report on various investment types or appoint them to a philanthropic board. Give them strong knowledge of family investments and ensure they know where to turn for future wealth-management questions or concerns.

Explaining and Organizing Documents

Legal documents, including a will, a health-care directive, power of attorney or trusts, can be overwhelming — particularly during a time of grieving. For a smoother wealth transfer, familiarize younger family members with these documents and their location. They may be responsible for seeing that they are followed and enforced.

What You Should Know About Leaving a Legacy.

What's the Most Important Part of Leaving a Legacy?

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