The world is continually changing, as we all know. When it comes to estate planning and legacy strategies, this is especially true. Individuals and families’ situations vary over time, making it crucial to conduct regular assessments and revisions of current plans.
In this article, we’ll examine the benefits of regularly assessing and revising legacy plans as a component of any solid financial strategy.
What is Legacy Planning?
Inheritance planning is the process of preparing for the transfer of your assets to your heirs. It involves deciding who will receive your assets, how they will receive them, and when they will receive them.
Inheritance planning can help ensure that your assets are distributed according to your wishes and can help minimize taxes and other expenses.
Importance of Regular Review and Update
First of all, life changes might significantly influence how a person’s wealth may need to be transferred in their later years. It’s crucial that a person or family take proactive steps to make sure their preferences in their legacy plans are still reflected in any current paperwork or wills they may have created in the past. For example, if new children come into the picture through marriage or adoption, these must be taken into consideration when reviewing a plan since it would also affect how inheritances may be distributed down the line from both parents.
Taxes need to be taken into account as well during reviews because they can have a significant impact on your overall strategy for allocating assets to heirs in the event of your death or disability. This is because government regulations change over time from one state or country to another, as well as from one region to another.
Finally, it is crucial to constantly check any existing contracts or trusts created in the past to ensure that they are still legitimate and accurately reflect the desires of the parties or families concerned. This involves determining whether any modifications have been made since the plans were drafted and ensuring that estate executors are up to date on any legal modifications that would invalidate previously drafted agreements.
Having an up-to-date legacy plan will ensure that your wishes are respected and honored, while also making sure the assets you have worked hard for throughout your life are distributed in accordance with the laws governing succession and inheritance. If you have any questions or concerns, it’s a good idea to work with an experienced financial advisor who can help guide you through the process of reviewing and updating your plan.
Talking to a financial advisor will also help make sure that any existing documents are still valid and that any changes over time have been taken into consideration.
At Robert Emmer with Silversage, we can help provide financial confidence to relieve your stress and worry. When you work with us, you’ll know your wealth management is truly with trustworthy financial professionals.
Schedule a call with us today to learn more about how we can help you with your legacy plans for generations to come.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. Financial and investment planning inherently involve potential tax and legal implications, with which we are generally familiar. We do not, however, practice as lawyers or CPAs and cannot give specific legal or tax advice. You should always consult with your tax advisor, or your attorney, when making complicated legal or tax decisions, however, we’re glad to work with your tax or legal professional to help you meet your financial goals. Raymond James financial advisors do not render advice on tax or legal matters.