3 Tips to Secure Your Legacy

Do you procrastinate? Come on, be honest.

Many people don’t prioritize planning what happens to their wealth until after they're gone. I get it, no one likes to think about that, and frankly, you’re not the one who benefits. But making a smart plan now can make all the difference for your loved ones in their moment of need.

Here’s how you can get started:

1. Collaborate with an experienced professional:

Don't delegate estate planning to a well-meaning family member or a friend-of-a-friend with limited knowledge in the field. It's imperative to engage the services of a qualified, licensed estate planning lawyer. This ensures that your documents are in compliance with state laws and that the language within your plan precisely articulates your wishes regarding the management of your wealth.

2. Regularly review your estate planning documents:

Don't allow your estate plan to collect dust in a filing cabinet or on a shelf. Life brings both expected and unexpected events, such as welcoming grandchildren, facing illness or disability, or experiencing significant changes in your net worth, that can influence how your wealth should be distributed in the future.

As someone who spends their days helping people grow and preserve their wealth, I realized that it has been six years since I updated my will and power of attorney while writing this article. These past six years have seen significant life changes for me, including getting married and moving. Without a change, my plan could be designed for someone in an entirely different life stage.

Here's another reason to stay proactive: an estate planner shares a story of how a client found out they had a week to live (and to get their affairs in order).

Arrange regular meetings with your estate planning attorney and financial advisor to assess and update your plan, ensuring it aligns with your evolving needs and intentions.

3. Organize & implement crucial documents:

Ensure essential documents are not only created and implemented, but also easily accessible in case of emergencies. Maintain a comprehensive file containing critical documents that can be readily accessed by your spouse or family members. These may include:

• Last Will and Testament, Trust, and other vital estate planning documents.
• Powers of Attorney for healthcare and financial matters.
• An inventory of tangible and intangible assets.
• A comprehensive list of financial accounts and insurance policies, complete with login information and passwords.
• Access information for your email accounts.
• Passwords, PINs, or other login credentials for your computers and mobile devices.

The effectiveness of your estate plan hinges on its execution. If you’re familiar with the term Intestate, you know that it essentially means dying without a will or any Estate Planning documents. That means you have zero control, and the courts will step in and use state succession laws to determine who should benefit from your estate.

To illustrate, let's assume an investor executed their estate planning documents. However, they had not completed the final step and updated the financial accounts that the plan was designed to safeguard. As a result, their children had to spend weeks working with the financial advisor and their parent's attorney, essentially undoing the complications that the estate plan was meant to simplify.

Remember that estate planning is not a do-it-yourself endeavor. It necessitates the guidance of professionals, including a trusted estate planning lawyer and a financial advisor, to ensure your wishes are executed as intended and that your estate plan can withstand any potential legal challenges.

Articulating your wishes, developing a plan, creating the proper tools so your wishes are implemented and then communicating those wishes to your loved ones can make those difficult events less painful for those you leave behind.

More Resources:

End Of Life Planning Is A Lifetime Gift To Your Family – a further deep dive into what to consider when setting up your estate plan.

Keep up to date with your estate plan as you build it: Essential Document Completion Checklist

Without careful planning, almost 70% of heirs’ money, assets and family harmony disappear after an estate transition. Start with Future-Focused Communication can help your heirs flourish

Charlotte Galamb is a financial advisor at Raymond James, based in Raleigh, NC. She focuses on helping women normalize the conversation around money and she her team focuses its efforts on helping women secure their financial futures. For the rest of the story, please visit the website or email her at charlotte.galamb@raymondjames.com.

Any opinions are those of Charlotte Galamb and not necessarily those of Raymond James.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making a decision, and it does not constitute a recommendation. All opinions are as of this date and are subject to change without notice.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.