Financial Care for Life > Legacy Planning
There comes a time in everyone’s life when they begin considering the kind of legacy they want to leave behind for the generations of the future. How you can continue to provide for your family and the causes you care about after you have passed on is something you may think about often, or maybe you have never thought about it before. Whatever stage of life you are in, it is never too early to start thinking about legacy planning.
Understanding Legacy Planning
Legacy planning is often associated with estate planning, but the meaning has begun to change. While it’s largely based on financial assets and personal belongings, legacy planning is more all-encompassing than simply a bequeathment. You will also be making choices about the information that you will be passing down to your loved ones, as well. One of the other important questions will be how you want to pass your money down in a way that falls in line with your personal values and beliefs.
Knowing Why It’s Important?
Proper legacy planning includes drafting (and, when necessary, updating) a will and making sure all your assets will be distributed exactly as you wish. While a will can accomplish this, legacy planning includes more than merely distributing your assets according to your wishes. It also involves protecting your loved ones from financial risk. Here are a few benefits of having a well thought-out and comprehensive legacy plan:
- Prepares for the unexpected
- Identifies the right people for your inheritance
- Incorporates a Blood Line Trust
- Protects your loved ones
- Eliminates family discord
- Saves your beneficiaries from large tax burdens
Your KIG advisor can help you better understand legacy planning and develop a strategy that fits your life needs.