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What is legacy planning and why is it important?

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By Capital Partners Wealth Planning

Do you have questions about achieving the lifestyle and legacy goals important for your family? Speaking with a trusted, independent financial planner will ensure no stone is left unturned when creating a thorough legacy and estate plan.

What is legacy planning?

Preparing for the future is crucial, and legacy planning that prepares beneficiaries to bestow assets after death falls within this category.

A legacy plan is a financial strategy that allows people to assign their assets after they die. This can be achieved by leaving instructions to an adviser or lawyer on your wishes. Trust is an essential part of this process.

Why is legacy planning important?

If you don’t have a plan in place for your estate, management could potentially go against your wishes once you are no longer in a position to have control or a say. A legacy plan can make the difference when dealing with small businesses or other assets requiring maintenance after death or illness. Legacy planning becomes especially important to avoid leaving a mess or creating conflict for family members. Legacy planners will work with you to organise your affairs.

What is business succession planning?

Similar to legacy planning, the process of preparing for the unexpected is essential for any business.

Having a plan for your business if you are no longer involved is essential. Business succession planning is an extensive process involving many considerations, from obtaining consent through employment agreements and trusts for family members who may eventually take ownership of assets.

Wills and estate planning

Our wealth planning and advisery team is a dedicated and committed group of professionals who have the experience to provide clients with independent expert advice. Our fiduciary advisers have decades of combined experience in delivering award-winning, holistic advice, no matter how complex your situation may be.

The information provided on this site is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if these strategies and products are right for you.

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