Preserving and managing wealth in the face of complexities and uncertainties can be a challenge. More often, the failure to keep wealth through the generations boils down to an overarching lack of communication and trust, rather than a poor investment strategy or economic downturns.
Legacy planning and estate planning are important considerations and here are some key things to bear in mind.
First and foremost – write a will. A will is a legal document that outlines how your assets will be distributed after you pass away. It is essential to write a will to ensure that your wishes are respected and that your assets are distributed according to your wishes.
As mentioned in my earlier articles, a trust can be an effective tool for estate planning, particularly if you have a complex estate or want to protect your assets. With a clear and thorough trust in place, you can assuredly transfer ownership of your assets to a trustee, who will be legally obliged to manage them on behalf of your beneficiaries.
That’s not all to a well-made legacy plan. Let’s look at how legacy planning and insurance can go hand in hand and work in concert.
Legacy planning involves making crucial decisions about how your assets will be distributed, who to receive them, and how the money will be managed. Insurance, on the other hand, can be used to protect your assets and provide financial security for your loved ones in cases where unexpected circumstances such as illness, disability, or death should befall you.
Together, legacy planning and insurance can help ensure that your assets are protected and that your loved ones are taken care of even when you are no longer around.
When creating a legacy plan and choosing insurance policies, it makes a world of difference when you choose to work with an experienced financial consultant who can help you navigate the complex process. He/she can also help you review and update your plans and portfolio as needed to ensure they continue to meet your evolving goals and needs over time.
To create your plan, I will be happy to connect with you.
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