Locations in Arizona, Oklahoma, Texas, and Utah

What Is Legacy Planning?

When it comes to passing along your assets, there are specific steps to ensure your wishes and preferences for your estate are followed. It’s been awhile since we talked about legacy planning, so we thought it was about time to revisit this important topic. 

What is Legacy Planning? 

Legacy planning is financial planning that prepares you to leave your assets to your next of kin or loved ones in the event of your passing. Typically, it is handled by a trusted financial advisor, who offers professional advice and recommendations, as well as answers questions you may have. 

How to begin the process of Legacy Planning

  • Think about what is important to you. Are you looking to take care of your family? Are you interested in charitable contributions? Do you have a small business or farm that’ll need specific handling? Thinking through these personal questions helps you step into this process with a firm foundation. 
  • Meet with your next of kin. We recommend setting up a meeting with your next of kin to talk through your wishes when it comes to your estate. This helps eliminate surprises down the road and gets everyone on the same page with your wishes.
  • Meet with your financial advisor. A trusted financial advisor will give you personalized advice to make sure your affairs are handled and continue to grow. This is a great time to ask any questions you have.
  • Talk through taxes. Your financial advisor will examine any taxes that may affect your assets. Your advisor should consider different tax scenarios so that you and your beneficiaries know what to expect. Estate taxes can impact legacy planning, so it’s smart to stay knowledgeable about what is possible.
  • Work with an attorney. Everything that’s discussed should also be represented in writing. Working with an attorney can ensure you are using the right legal tools for your situation, whether that’s a will or a trust. This extra step can help ensure your assets and beneficiaries are protected. 

Legacy planning is different for every family, and no two arrangements are the same. Thinking about what is important to you will help you pass along your assets in a way that feels right. 

It’s Never Too Early to Start Legacy Planning 

While the need for this type of planning may feel far away, now is a great time to begin laying out your plans. Not only will this ensure that your finances go to their intended recipients, it’ll give peace of mind and security to your loved ones and next of kin. 

Ready to begin? Trajan Wealth and Trajan Estate enable collaboration between our fiduciary and legal teams to provide you with a comprehensive range of services for your financial needs. We can create an end-to-end strategy that will protect your family and your assets as well as achieving your goals. We offer resources so you can focus on living your life to the fullest! Contact us to schedule an appointment with one of our fiduciary advisors today.