Preserving generational wealth isn’t just about money. It’s about creating a secure future for your family, protecting your values, and fostering connections that span generations.
People often overlook estate planning because they assume it’s only for the wealthy, believe they have time to do it later, or find the process overwhelming and emotionally challenging. My clients often share that the benefits and peace of mind of having an estate plan in place far outweigh the financial and emotional costs. Here’s how to approach estate planning with intention and care:
1. Start with a Revocable Living Trust
A Revocable Living Trust is one of the most effective tools for preserving wealth. Unlike a will, a trust allows your estate to avoid probate—the legal process of settling a deceased person’s affairs—and keep your affairs private. The process of probate has three major downsides: it's expensive (around 4% of the entire estate), it takes a long time, and it's a public process. By including clear instructions in your Revocable Living Trust, you can make sure your assets are distributed exactly as you wish while saving your family from the unnecessary delay and expenses of the probate process.
2. Plan for Your Children’s Future
Estate planning ensures any minor children are cared for by the people you trust most. Include guardianship documents and plan how your children’s inheritance will be managed until they’re ready to handle it themselves; we usually recommend between 27-30 years old. At our mama-owned firm, we specialize in drafting Little One Protection Plans to provide peace of mind for parents.
3. Consider Your Grandchildren
For grandparents, estate planning can help you leave a lasting legacy. Tools like Children’s Trusts or Lifetime Asset Protection Trusts allow you to support your grandchildren’s education or other goals while minimizing tax implications. These trusts offer protection from money mistakes many people make in their youth by assigning a trusted individual as a Trustee to offer guidance. Thoughtful gifting strategies can also transfer wealth while protecting it for future generations.
4. Foster Family Harmony
Open communication is key to preserving wealth and relationships. Have meaningful conversations with your children and grandchildren about your intentions, values, and the purpose of your estate plan. Clear communication reduces misunderstandings and keeps your family united.
5. Partner with Experts Who Understand Your Needs
Work with an estate planning attorney who takes the time to understand your family’s unique situation. At our family-focused firm, we create customized plans that include essential documents that are often overlooked, like guardianship letters and emergency plans for minor children.
By taking these steps, you’re not just protecting your assets—you’re ensuring a secure, harmonious future for the people you love most. It’s the ultimate gift of care and connection.
Reach out to jillian@peaceofmindplanning.co to schedule a Family Strategy Session. peaceofmindplanning.co
At our mama-owned firm, we specialize in drafting Little One Protection Plans to provide peace of mind for parents.