Passing the Torch – Four Elements for Creating Your Legacy

In the next two decades, a whopping $68 TRILLION is set to pass from the baby boomer crowd to us millennials. That’s a truckload of cash, folks! If you’re wondering how to ensure your hard-earned assets go where you want them to, you’re in the right place. I’m here to equip you with the lingo and insights to kickstart your game plan. It’s not just about shifting wealth; it’s about transmitting your values and vision to the next-gen – and it’s all done with love.

Leaving a well-thought-out plan for your family isn’t just thoughtful; it’s a gift. Inheriting your legacy can be a bit daunting, and having clarity about your intentions can make things smoother for your loved ones. To make this process meaningful, involve the family in your legacy plan. In this blog post, we’ll dive into four great ways to do just that. Don’t procrastinate any longer. Let’s turn this into your motivation to get things rolling.

Agents and Beneficiaries: Where the Plot Thickens

Step one: Determine who you trust the most to execute your legacy plan. It could be your spouse, a family member, or a savvy expert like an attorney. If we’re talking wills, this person is your executor. For trusts, they’re your trustee. You’ll also need trusty agents to handle your property and health care decisions. The same considerations apply here as for your executor or trustee. And if you’ve got kiddos in the mix, selecting a guardian is crucial. Think of backups too; life is unpredictable, after all.

At the same time, ponder who should be your beneficiaries and what kind of assets or values you want to pass on. Maybe you want to bless family members or support charities close to your heart. Special considerations? Think of someone with special needs or dreams of higher education. The more complex your wishes, the more likely you’ll need to establish trust. Mike wrote an article about these core estate planning concepts last year if you’re interested in more detail.

Chat with Candidates

Before putting pen to paper (don’t skip this part), have a chat with the folks you’re considering to execute your plans. It might feel a bit awkward, but it’s essential to ensure they’re on board. I remember feeling slightly uncomfortable discussing guardianship for our boys, but it’s necessary. We discovered our first choice had some constraints we hadn’t known about, so we appreciated the conversation.

Sign Now, or Your Cat Gets the Inheritance!

This is where all your prep work pays off. Most of your decisions are made, and you can connect with the right legal expert to draft your plan. If you already have a legacy plan through a will or trust, we can integrate it into your financial plan. If not, we can help you outline your mission and values, preparing you to collaborate with legal experts to make it official.

Once your documents are ready, don’t dawdle – get them signed! It may seem like a hassle with witnesses and notaries, but it’s not as daunting as it appears. I spent a while trying to figure out the best way to get our documents signed, only to realize I could’ve just popped into my local bank branch. A few minutes and it was done – for free! Plus, our team at The Dala Group can help notarize and witness for our clients as part of our comprehensive financial planning service, so feel free to schedule a time with us

Notify Your Agent & Beneficiaries

Once everything’s signed and sealed, it’s time to communicate. Be ready for an emotional conversation about your wishes. Think about logistics too – who needs to be there, where’s the best place to meet, and when’s the right time. Let your executors, trustees, agents, guardians, and beneficiaries prepare themselves. Depending on your relationships, you might have separate meetings. Consider involving trusted professionals like your financial advisor (yes, that’s us – The Dala Group) or an attorney to handle the technical questions the participants may ask.

When you do share, keep it clear and straightforward. Make sure everyone knows what to expect and who’s in charge. Be sensitive when needed, especially if your plans might raise eyebrows. It’s not about changing your convictions but how you deliver the news. Share your heart, your why, and your values. And consider age-appropriate discussions with your children.

A Partner for Your Plan

We’re here to guide you every step of the way. We’re here for meetings, phone calls, tax strategies, and to advocate for your interests when creating your final documents. Reach out today to set up a chat with one of our planners.