For many investors, making sure their loved ones are protected after they pass is a top priority. Creating a plan that dictates how their assets and wealth are bequeathed reduces stress for their family and verifies their last wishes are followed. Developing a legacy planning strategy is an effective way of organizing these affairs.
Creating a financial legacy plan before you pass is vital for ensuring your assets and wealth go to who you want them to go to. But the importance of having one extends beyond that. Here are some instances where having an plan helps individuals and their beneficiaries:
Developing a legacy estate plan is a comprehensive process that requires careful consideration. Here are some important steps to take when creating your strategy:
While building your legacy estate plan, you want to make sure you’ve included all of your valuable assets. Creating an inventory list of your tangible and intangible assets is a good way of chronicling what you want bequeathed, such as:
You would also want to include any potential liabilities, including mortgages and debt. Having a comprehensive list of what you owe allows your executor to alert creditors after you pass.
After carefully tracking your existing assets, take time to determine what your family will need after you’re gone. Writing a will, purchasing a life insurance policy, and naming legal guardians for your children are just some of the things that help protect the people that matter most.
Making sure the right people are included is vital to creating the best plan for your loved ones. Take time to determine who you want to receive your assets. Skipping this step could lead to unwanted people receiving your wealth.
There’s no reason to develop your legacy plan by yourself. Partnering with a reputable financial advisor helps streamline the process and can give you key insight into tax-saving strategies.
Our team takes pride in working with clients to develop a financial legacy plan that best suits their needs. Contact us today to schedule your free consultation and start protecting your loved ones.
You’ve worked hard to earn your wealth and assets and deserve the opportunity to determine who receives them after you pass. The Hobart Wealth team takes pride in working with clients to create a legacy estate plan that ensures an efficient transfer of wealth to the next generation. Our Certified Financial Planners work with trusted attorneys to develop a strategy that:
With over 18 years of experience, our team knows the importance of protecting a family’s long-term security. We empower our clients to make the best financial decisions for the present and future.
Trying to create a financial legacy plan on your own increases the chances of leaving someone out or forgetting to account for an important asset. Hobart Wealth offers a comprehensive legacy planning strategy designed to guide you through the process and account for what matters most. We build your plan by following these steps:
Getting to know the goals and scope of your estate is the first step in our process. We schedule a consultation where one of our advisors asks you about the people you want to provide for and how you want to distribute your wealth.
We understand that proper legacy planning is important to our clients. The Hobart team has established partnerships with qualified estate planning attorneys; we work with them to verify your will and other essential documents are drafted to meet your needs.
Our priority is creating a plan that transfers the maximum amount of your estate directly to your beneficiaries. We carefully manage your financial plan to protect your family’s long-term interests and goals.
Contact us today and see the benefits of working with the Hobart Wealth team.
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