Your legacy is what you leave behind to loved ones and heirs after you’ve passed on, including assets, life-lessons and possessions.1 Losing a loved one is difficult, and you could lessen the stress of your family members by implementing a plan that takes care of your inheritance prior to your passing. Legacy planning can include leaving instructions for funeral arrangements, health directions, late-life care, wills and trusts.
A case study conducted by Merrill Lynch found that only about half of survey respondents ages 55+ have a will in place.1 Part of this delay is simply due to the fact that people don’t know how to begin the process. Some people may also feel as if they don’t have enough assets to pass down. When it comes to legacy preparation, failure to plan is planning to fail. The absence of a legacy plan could potentially lead to a disorganized, expensive and problematic time for your loved ones as they grieve your passing.
If you think you don’t have enough assets to leave to an heir, consider Benjamin Franklin. He left about $4,000 to be split between the state of Pennsylvania and the city of Philadelphia after his death in 1790, and those beneficiaries are still benefitting today over 200 years later. Proper strategic planning allows you to have total control of what happens to your assets, no matter what you are planning to pass down.
One of the great things we do here at Eric Scott Financial with legacy planning is that we can set up programs where your children and your grandchildren can get a check and card every year on their birthday after you’ve passed. By doing this, you are able to distribute your assets to the beneficiaries you choose while also providing your loved ones with a thoughtful, sentimental gift.
Legacy preparation is an important part of planning for retirement, regardless of income level. This is one of the reasons why it is a step in The Five Crossroads. No matter where you are in life financially, Eric Scott Financial can help you prepare for this phase of retirement.
How do you want to be remembered? It’s important to learn about all of the options available to you as you plan for your legacy.
Learn more about how we can help you plan your legacy with a strategic, step-by-step plan customized for your specific situation. Contact us at 435.773.9444.