Legacy planning…estate planning…whatever you want to call it, people are hesitant to have that initial conversation around what life will look like after they’re gone. That’s understandable given that most people don’t want to think about their own mortality. However, legacy planning—deciding how you want to leave your assets to your loved ones and/or charitable causes after your death—is important. A well thought out plan ensures that your wealth is distributed in alignment with your wishes and values.
Taking the necessary steps to facilitate a smooth transition and confirm that the transfer of your estate is carried out properly doesn’t need to be incredibly complicated (although it can be). Below is a starting framework for planning for your legacy.
Step 1: Think About Your Plan
It’s hard to create and implement a legacy plan if you haven’t started thinking about it. Start by asking yourself some basic questions: