Legacy Planning

One of the most difficult life events we experience is losing a loved one. Legacy Planning can reduce stress from financial unknowns or figuring out how you want your estate passed on. Having a well-detailed estate plan can also help avoid the strung-out process of going through probate court. All too often, we have to help families of loved ones who’ve recently passed find and organize their assets, determine who’s supposed to get what, and collectively determine how the passed parties would have wanted their assets to be distributed. This is the last thing you want your loved ones going through during an already difficult time in their life.

We helped Tim and Jennifer build out their Estate Plan early on in our working relationship with a trust, will, and both medical and financial power of attorneys. They have assets listed in the trust from a pension fund for Jennifer’s retirement, a life insurance policy for Tim, a beach house in South Carolina, and here at Wealth|KC,  we’ve set up their IRAs and Tim’s rolled over 401(k) to follow the same wishes as the trust.

They have three daughters that live all across the United States, and while they know their parents have an estate plan, the details and what needs to happen are a little unknown to them. 

An incredibly important piece of Legacy Planning is providing clarity and ease to the family as a whole. We work with Tim and Jennifer on a Legacy Family Planning Meeting with all three daughters. In this meeting, we lay out what it means for the oldest daughter to be the Trustee of the Trust and Executor of the Will, as well as make sure their other daughters understand their role and responsibilities as power of attorney for medical and financial. Everyone is aware of what the estate is comprised of, a list of their assets is on their Schedule A that accompanies their trust, they understand who is the beneficiary of what, and most importantly, they know where to go and whom to call when the time comes.

We will continue to review this plan on a regular basis including Required Minimum Distributions (RMDs) and have family planning meetings every few years as things change. Ultimately, we’re here to support both Tim and Jennifer through the remainder of their lives and make sure the transition to their daughters is as easy and convenient as possible.

Wealth KC and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.