Shaping Your Legacy: What Will Your Children Inherit?

by | Aug 23, 2023 | Blog

By Adam K. Wright, CFA®, CFP®

You’ve worked hard for decades to create and accumulate your wealth, and you may find it comforting to think that when you pass on, your family can be supported by the assets you leave behind.

But to have your inheritance reach your family in the ways you want, you’ll need to plan ahead. Let’s discuss why a comprehensive strategy is so important and how to prepare for this transition so your loved ones can carry on the legacy you’ve begun.

After all, planning for your legacy is an important part of your retirement plans. We call it estate planning.

The Importance of Estate Planning

Estate planning should be an integral part of your financial and retirement planning. Oftentimes meeting with an attorney can feel like a harsh expense that is easy to push off. Although failing to have an estate plan may not have a significant impact right away, it will undoubtedly affect the lives of your loved ones after you’re gone. Having an estate plan in place is critical for your personal risk management.

In the absence of an estate plan, your death will be considered intestate, which means there was no valid will in place at the time of your death. The state in which you live will determine who inherits your property through a process called probate, which can take anywhere from 6-9 months or even several years without proper planning. Probate can also be quite expensive. 

In addition to this process lasting a long time, your inheritors may face expensive fees, predatory claimants, and loss of control over what happens to your estate. Probate can cost up to 3-7% of your total estate value. And because this process becomes public information, this means that greedy creditors or estranged relatives may attempt to claim portions of your wealth.

Good estate planning mitigates these risks and provides your family with a secure plan for how your wealth will be transferred. The professionals in your life, such as your estate planning attorney and fiduciary financial advisor, can become trusted resources for your family to lean on during this difficult transition.

Create a Lasting Legacy

Good estate planning incorporates legacy planning, which can be even more beneficial to your inheritors. Legacy planning allows you to incorporate family or financial values into your wealth transfer. If your children need help with wealth management or have made financial mistakes in the past, your legacy planning can help guide them through what to do with their new wealth. Finally, legacy planning may help to protect your grandchildren and encourage generational wealth-building for decades to come.

Set Yourself Up for Success

If you haven’t yet considered the kind of inheritance you’re leaving for your children, today is the perfect day to start. The recent years have shown us how unpredictable life can be. While it’s tough to think about, we can’t predict the future, and having a plan can bring comfort to our loved ones.

For fast and easy documents, consider a website such as Trust & Will. We can help you get started on the platform. This is not legal advice and lacks personalization but is quite handy to get started. For more personalization, we can offer referrals and recommendations to estate planning attorneys in the area. 

Instead of leaving your family in uncertainty, create a lasting legacy that has the possibility of enriching their lives and the lives of generations to come. The Wright Associates team is committed to supporting, educating, and guiding every client toward success. If you team up with us, we use our knowledge and experience to give you confidence knowing someone has your back (and your family’s as well). Are you looking for a financial planner who understands your unique needs and encourages you to make empowered financial choices? Reach out to us today to schedule a complimentary phone call to get started.

About Adam

Adam Wright is a CERTIFIED FINANCIAL PLANNER™ professional at Wright Associates, helping clients plan and prepare their investments to retire on their terms. If you’re serious about planning for your retirement and investing for your future, his annual process will help you make the right money choices today. Therefore, Adam and his team will proactively manage your accounts while communicating the progress of your financial plans. He believes the retirement advice you receive should be intentional and actionable.

Adam has a Bachelor of Science in Supply Chain and Information Systems from The Pennsylvania State University and a Master of Business Administration from University of Pittsburgh, Katz Graduate School of Business. He lives in Upper St. Clair with his wife and two children. When he’s not working, Adam enjoys the outdoors (fly fishing), reading, and taking long runs while listening to a favorite podcast. He’s also currently encouraging himself to take up golf. To learn more about Adam, connect with him on LinkedIn.


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