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Have you ever felt like legacy planning is something you’ll “get to later”? You’re not alone; many people consider it a task for retirement or old age.
But here’s the truth: the best time to start planning your legacy is right now. Whether you’re just starting to build wealth or already managing a growing estate, early planning gives you more control, more flexibility, and more opportunity to protect what matters most.
At BetterWealth, we believe legacy planning isn’t just about what you leave behind; it’s about how you live today with clarity, purpose, and intention.
In this blog, we will talk about:
Let’s walk through the why, when, and how of legacy planning, and how starting now can make all the difference.
Legacy planning involves making clear decisions about your assets, values, and wishes so they carry forward after your lifetime. It shapes what you leave behind, not just money, but your intentions and support for people or causes you care about.
Legacy planning is the process of organizing your assets and personal wishes to ensure they benefit your loved ones or causes you value after you pass away. It goes beyond writing a will by including plans for how your values and priorities live on.
This type of planning helps you control how your wealth is used, protect your family's future, and reduce uncertainty. It can also address tax issues and give you peace of mind knowing that your intentions are documented clearly.
Your legacy doesn’t just mean money; it can carry forward your values, memories, and impact on others differently. Here are some common forms:
Regardless of your chosen form, your legacy reflects who you are and what you value, shaping how future generations remember you.
Legacy planning is often misunderstood, which keeps many people from starting early. Here are some of the most common myths:
By clearing up these misconceptions, you can see that legacy planning is about protecting your present and future, not just what happens after you’re gone.
Deciding when to begin legacy planning depends on your age, key life moments, and financial progress. These factors shape how soon you should take steps to protect your values, wealth, and your family’s future.
Your age plays a big role in legacy planning. Starting early gives you more time to shape your plan. When you’re young, you can create a strong financial foundation and adjust your legacy as your life changes. If you begin during your 20s or 30s, you’ll have the flexibility to build assets, use tax strategies, and include life insurance options like The And Asset®.
If you’re older, legacy planning is still vital, but often focuses on protecting what you’ve built. In your 50s or 60s, your plan might center on transferring wealth efficiently and ensuring your wishes are clear. No matter your age, planning ahead prevents confusion and costly delays later.
Certain life events often trigger legacy planning. These include marriage, having children, starting a business, or experiencing a major health change. Each event changes your priorities and requires updates to your legacy plan. For example, after having children, you’ll want to set guardianship and trust arrangements.
Starting a business means incorporating it into your estate to protect what you’ve created. Even changes like divorce or the death of a loved one signal a need to review your plan. Legacy planning should be flexible to match your life’s changes.
Your financial situation guides when to start legacy planning. Reaching milestones like buying a home, saving for retirement, or accumulating investments highlights a good time to plan.
When your assets grow, you need strategies to protect and pass on that wealth efficiently. This includes tax-efficient estate planning and considering overfunded whole life insurance through BetterWealth’s The And Asset®. Even if your net worth is modest, early planning sets a path for intentional wealth building and protection.
Starting your legacy plan early gives you more control over how your assets grow, ensures your family is protected, and allows you to make changes as life evolves. Taking these steps now can help avoid costly mistakes and keep your intentions clear.
By beginning your legacy planning early, you give your assets time to grow more efficiently. Investments, retirement accounts, and cash value life insurance, like The And Asset® benefit from longer compounding periods.
Early planning also allows you to use tax-efficient strategies, reducing the tax burden on your estate. Overfunded whole life policies can build cash value that grows tax-deferred, giving your wealth multiple functions: protection, growth, and legacy.
Planning secures your family’s financial future. You can avoid probate delays, reduce taxes on inheritance, and designate beneficiaries clearly.
Using tools like trusts or life insurance, especially policies with living benefits, ensures your family has access to funds when they need them most. Early planning helps you address unexpected events, so your loved ones are ready for any scenario.
When you start early, you have time to review and adjust your legacy plan. Life changes such as marriage, new children, or business growth can alter your goals, and your plan can be updated accordingly.
This flexibility prevents rushed decisions or overlooked details. You can work with advisors to match your strategy to your evolving priorities, keeping your wealth aligned with your values and intentions over time.
Waiting too long to plan your legacy can lead to serious problems. You may lose the chance to shape how your wealth is handled. Legal issues and tax costs can also increase without a clear plan.
Delaying legacy planning means you give up control over the future of your assets. Without a will or trust in place, state laws decide who receives your property. This can lead to relatives you didn’t choose inheriting your wealth. When you act late, family disputes often arise.
Disagreements about who should get what can strain relationships. Starting early lets you clearly name heirs and set terms, so your wishes are followed as you intend. Using strategies like The And Asset® ensures you retain flexibility over your wealth and can adapt as your situation changes.
Without timely planning, your estate may face legal hurdles like probate. Probate is a costly, public court process that slows down asset transfer. This process can take months or even years, causing stress for your loved ones. If you don't create necessary documents such as powers of attorney or healthcare directives, important decisions might be made without your input.
This leaves your family uncertain or forced to seek court approval. Starting your legacy plan early helps you avoid these challenges. You can design clear instructions for your estate and appoint trusted individuals to act on your behalf. This reduces legal costs and keeps your affairs private.
Delaying legacy planning can increase the tax burden on your heirs. Without strategies to manage estate and gift taxes, a significant portion of your wealth may go to taxes instead of your family. Proper planning includes tax-efficient tools like overfunded life insurance policies that build cash value while protecting assets. The And Asset®, for example, offers ways to reduce taxable exposure and grow funds safely.
If you wait, your estate may face higher taxes due to law changes or missed opportunities. Taking action now lets you create a plan that minimizes taxes and keeps more wealth in your family for generations.
Starting your legacy plan means focusing on what matters most to you. You will clarify your values, decide who benefits from your assets, and get expert help to protect your intentions. Each step builds a foundation for a legacy that reflects your life's work and supports those you care about.
Begin by defining what legacy means to you. Think about the values and causes you want to support long after you're gone. Write down your key beliefs and how you want to impact family, community, or business. Consider how your financial resources align with these goals.
For example, if charity is important, decide how much of your estate you want to dedicate to that cause. This step helps you plan with intention, so your wealth supports your vision. Keep a journal or digital document to track your thoughts. Revisiting these reflections over time will deepen your understanding of your legacy priorities.
Next, list the people or organizations who will receive your legacy. This usually includes family, close friends, and perhaps favorite charities. Be clear about what each beneficiary will receive and why. Consider both immediate heirs and future generations, like grandchildren or long-term causes.
This can include financial assets, life insurance policies like The And Asset®, or personal items with sentimental value. Make sure to keep this list current. Life changes such as marriage, birth, or business growth may require updates. Clear beneficiary designations prevent confusion and ensure your legacy reaches the right recipients.
Working with financial and legal experts is essential to protecting your legacy. An estate planner, tax advisor, or insurance specialist can help you navigate complex laws and reduce your estate taxes.
At BetterWealth, strategies like The And Asset® offer tailored life insurance solutions that grow cash value while providing strong legacy protection. Professionals will help you understand options and create a plan that efficiently covers life, taxes, and the transfer of wealth. Schedule a consultation early to align your goals with the best tools available.
Your legacy plan needs attention over time to stay effective. Life changes and regular check-ins help make sure your plan reflects your current wishes. Staying updated also prevents gaps that could disrupt your financial goals or your family’s security.
You should review your legacy plan on a scheduled basis, at least every 3 to 5 years. This keeps your documents aligned with your current goals and legal changes. Even if your situation seems stable, laws around taxes and estates can change.
Use these steps for a solid review:
Regular reviews help you stay proactive and avoid surprises.
Major life events require immediate updates to your plan.
These include:
For example, if you get married, you may want to add your spouse as a beneficiary. If you open a new business, you might need to include succession planning. Addressing these changes right away ensures your legacy plan protects your family and assets the way you intend.
Including your family and close friends in your legacy planning helps ensure your wishes are understood and followed. Clear communication and defined roles can ease the process and reduce misunderstandings. This approach makes it easier for everyone to carry out your plans with confidence and respect.
Start by having open conversations about your intentions. Talk about what matters most to you, such as how your assets should be divided or what values you want to pass on. Be clear, honest, and patient. Your loved ones might have questions or concerns, so listening carefully is key.
You don’t have to cover everything in one meeting. Plan several talks over time to keep everyone informed and comfortable with the process. Use these discussions to introduce key documents like wills, trusts, or life insurance policies. Explain why you chose certain strategies, such as The And Asset®, which protects your legacy while offering living benefits.
Assigning clear roles to trusted family members or friends helps avoid last-minute confusion. Choose people who understand your wishes and can manage tasks calmly under pressure. Responsibilities might include handling financial affairs, communicating with professionals, or looking after personal items. Write down who is responsible for what in your estate plan documents.
This could be the executor of your will, trustee, or power of attorney. Make sure these people know their duties and have access to necessary information, such as account details and legal papers. Check in regularly with those assigned to these roles. Keeping lines of communication open ensures they feel ready and supported.
You will need reliable tools and knowledge to create a legacy plan that protects your assets and reflects your values. This includes legal and financial documents as well as opportunities to learn about legacy planning strategies.
Start with key documents like a will, trust, and power of attorney to ensure your wishes are followed and your assets are protected. A will outlines how your property will be divided, while trusts can help manage taxes and control how your estate is distributed over time.
Power of attorney lets someone make decisions for you if you become unable. Life insurance, especially products like The And Asset®, can provide cash value, growth, and flexible benefits while protecting your family.
It combines living benefits with legacy protection, offering more than just a death benefit. You may want to meet with an estate planning attorney or financial advisor to customize these tools. They can help you include tax-efficient strategies and ensure your plan fits your family and business needs.
Knowledge about legacy planning gives you the confidence to make informed choices and adapt your plan as life evolves. Here are some great ways to learn:
Exploring these opportunities boosts your knowledge and ensures your legacy plan grows stronger and more intentional over time.
Still wondering what legacy planning looks like in real life? You’re not alone. Even if the big picture makes sense, it’s easy to get caught up in the “what ifs.” Here are answers to common questions that fill in some gaps and help you move forward more clearly.
Estate planning is about legal documents and asset distribution. Legacy planning adds purpose by aligning your wealth with your values, relationships, and long-term vision. It’s not just about what you leave behind but also about why and how it impacts others.
Absolutely. Legacy planning isn’t just for parents; it’s for anyone who wants to impact loved ones, causes, or future generations. You might prioritize charitable giving, caring for aging parents, or funding a niece’s education. It’s still your legacy.
At least every 3–5 years, or after any significant life change. Marriage, divorce, births, deaths, a new business, or even moving to a new state can affect your plan. Regular reviews keep everything aligned with your current life and goals.
Yes, and it's often overlooked. Your digital legacy includes online accounts, social media, photos, and personal data. Consider appointing someone to manage these, and include login credentials in your planning documents to avoid confusion or lost access later.
Yes, a will is just one piece. A legacy plan includes your intentions, insurance, trusts, healthcare directives, and strategies for protecting and growing your wealth during your lifetime. A will alone doesn’t cover everything that matters.
No, BetterWealth works with families and entrepreneurs at all stages. Legacy planning is about intentionality, not just income. Whether you’re building, protecting, or passing on wealth, we help you design a plan that matches your purpose and long-term vision.
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