Legacy planning is the process of designing a plan for how your assets and property are distributed to family or other individuals when you pass away. It’s important to create a legacy plan in order to ensure that your wishes are followed upon your death.
When creating your plan, it is best to consult with different legal, financial, and tax professionals who can assist and advise you on what actions need to be taken. While these plans may seem daunting to create at first, they are vital for protecting those whom you love most. With proper planning, you can rest assured knowing that all of your assets will be provided in the way that you have specified.
What Goes Into Legacy Planning?
Legacy planning is an important part of personal finance, allowing someone to take control of their assets and shape the future for generations to come. The process has many components, all centered on making sure that a person's wishes are respected. This could include creating wills and trusts, distributing funds in a tax-efficient manner, setting up charitable giving plans, and/or transferring property or other valuables to family members or organizations.
It takes careful consideration and planning to make sure that a legacy and a financial foundation remain intact long after one passes away. Thoughtful legacy planning can ensure that an individual's values live on throughout generations.
What’s Included In Legacy Planning?
Legacy planning involves the carefully considered activity of preserving and transferring assets from one generation to another. It can encompass financial matters such as taxes, investments, charitable giving and estate planning as well as other concerns like family history and values. The process of legacy planning helps families to ensure that predetermined values, beliefs, and assets are carried on for future generations.
Furthermore, without a proper plan for asset transfer or distribution in place when the time comes, there could potentially be lengthy delays with legal proceedings that could decrease the value of those assets significantly. A good legacy plan will take into account all of these key factors to make sure your wishes are remembered even after you’re gone.
What Does a Person Need to Start Legacy Planning?
Legacy planning is an essential part of establishing financial stability in the present and securing a bright future for generations to come. To get started on legacy planning, one needs to remember two key principles: to ensure that assets are protected and taxes are minimized. Adequate estate planning requires several elements, such as a health care directive, living will, power of attorney, and a last will and testament.
It’s important to keep all financial documents updated, taking into consideration any changes or additions such as business investments or the birth of a child. Professional legal advice from an estate lawyer should always be taken into account when making major decisions related to financial affairs and end-of-life wishes. Working with an experienced lawyer can help establish personalized strategies for protecting your family’s long-term goals and legacies.
What Happens After Legacy Planning Is Completed?
After a legacy plan is completed, it is important to ensure that everything is in continuity with the original plan. This means regularly revisiting the plans and making sure that all of the designated beneficiaries are still eligible, that financial accounts haven't expired and forgotten, and that any trusts and other accounts have been properly funded.
Additionally, will planning should be periodically reviewed to see if it needs updating or if certain items need to be changed or added. Ultimately, completing the legacy plan is only part of the process; ongoing monitoring of those plans throughout life helps ensure that no surprises show up when it's time for legacy planning to take effect.
Why It’s Important to Have a Lawyer for Legacy Planning?
When it comes to executing your estate plan, having the help of an experienced lawyer can provide you with peace of mind that all legal requirements are being followed, as well as protection throughout the process. Not only can they help you prepare complex documents such as a will, but they can also discuss options which best suit your needs regarding living trusts and tax planning.
They not only provide resources to execute all of the different parts in your estate plan but also valuable advice to ensure that you are making wise decisions for yourself and your family. From what type of legacy gift or donation you might make to how you devise future inheritances, the assistance of a good attorney is invaluable. Working with a lawyer during the legacy planning process is thus essential in ensuring that all legal aspects are executed properly and that any changes to your plan can be applied efficiently and effectively.
If you are looking for quality help with legacy planning, you should consider Pearson Butler. Based in Utah, Pearson Butler is a trusted firm that can help you with legal and financial services, such as estate planning and tax optimization. With our impressive track record of success, it's easy to see why we are the go-to name for so many people in need of legacy planning advice. We can handle wills and trusts, estate taxes, asset transfers and more—all while following fiduciary practices that prioritize your best interest. When it comes to protecting your family's future through legacy planning, choose our team!
To start your legacy planning with our team, call us at (800) 265-2314 today.