Leaving a lasting legacy

Explore ways to help pass assets to future generations

Most people spend years saving and investing for the future while working toward long-term financial goals. Yet many delay thinking about what will happen to their assets and personal wishes after they're gone. Taking time to create a legacy plan can help provide clarity for your loved ones and help ensure important decisions reflect your intentions.

Legacy planning is about more than transferring wealth. It's an opportunity to document your wishes, organize important decisions and help make future decisions easier for the people who matter most to you. It can also be an important part of an overall retirement strategy, helping ensure the plans you've worked hard to build continue to reflect your goals over time.

Build a strong foundation

A thoughtful legacy plan often begins with a few key documents. A will, financial power of attorney and healthcare directive can help outline your wishes and identify who can act on your behalf if necessary.

These documents provide a framework for handling financial, legal and healthcare matters. They can also help reduce uncertainty for family members during difficult times by offering clear guidance when important decisions need to be made.

Life changes, and your plan should change with it. Marriage, divorce, the birth of a child, the loss of a loved one or significant financial changes may all be reasons to revisit and update your documents. Reviewing your plans periodically can help ensure they continue to reflect your goals and current circumstances.

Be mindful of beneficiary designations

Some assets pass directly to the beneficiaries you've named. Retirement accounts, life insurance policies and certain financial accounts are common examples.

Because these assets often transfer separately from a will, it's important to review beneficiary designations regularly. Information that was accurate years ago may no longer reflect your current wishes or family circumstances.

A periodic review can help ensure your beneficiary designations remain aligned with your overall legacy goals. Small details can have a significant impact when assets are eventually transferred, making regular reviews a valuable part of the planning process.

Legacy planning goes beyond paperwork

Documents are only one part of the process. Family dynamics, communication and potential tax considerations can all influence how successfully a plan is carried out. 

When appropriate, talking with family members about your intentions can help reduce confusion and set expectations. These conversations can provide valuable context and help loved ones understand the reasoning behind important decisions.

A financial professional can also help you evaluate how legacy planning fits into your broader retirement and financial strategy and coordinate with legal and tax professionals when needed.

Thinking beyond today

Leaving a lasting legacy isn't simply about passing along assets. It's about working with a financial professional to create a plan that reflects your values, supports the people you care about and provides direction for the future. By reviewing your plans regularly and making sure key decisions are clearly documented, you can help reduce uncertainty and gain greater confidence that your wishes will be understood and carried out.

Life insurance can be a valuable way to help protect your assets and create a lasting legacy. Explore an option that may be right for you.