See How You Can Build a Better Legacy
There are many myths surrounding legacy planning, but one of the biggest is children fighting over money and possessions. In our practice we find that it’s not things they fight over, but what those things mean to everyone involved. Most of the families we meet with look for fulfillment beyond the material possessions that money affords. Memories, shared experiences, and dreams fulfilled give them more satisfaction. However, when possessions carry many memories, disputes can happen. If you’re a parent or grandparent it’s important for you to consider building your living legacy not only attached to assets, but also to the personal values and memories they represent.
Here are a few suggestions to create a smoother transition:
Create the WHY of Life
When you create an ethical will, you’re creating the WHY of life. Ethical wills go well beyond the level of traditional wills to answer the “who gets what” questions. You define who you are as a person and what values you hope to see carried on beyond your life on earth. This makes it easier for your loved ones to accept and respect your wishes— especially if ambiguity exists. Learn more about ethical wills here.
Talk About WHAT Matters Most
Share stories that illustrate your values with your kids or grandkids and friends. Communication takes on a special meaning in legacy planning. You are building your Lifeprints. Make sure you’re heard.
WHEN You Don’t Agree on the Hard Stuff
Your family won’t agree with every decision you make. It’s wise to remember though— that you are building a legacy of your unique life wishes. Have meaningful conversations with your family. Share your stories. Confidently make your decisions and stand behind them, but always have the empathy to explain your reasoning so your family can better understand you.
Learning more about each other as a family and talking about your values goes a long way toward a smoother transition of family assets and ensures that what’s important to you lives on well past your years.
Since 1984, individuals and families across the U.S. have trusted Hammond Iles Wealth Advisors to provide objective, personalized investment management, financial planning, and wealth management. Greg Hammond, CFP®, CPA helps families LIVE MORE, GIVE MORE® and build a living legacy. Begin the conversation today. Get your family legacy conversation starters here.