The Relationships of Legacy Planning

RoZel Financial |

In The Basics of Legacy Planning (August 18, 2021) – we addressed the fundamentals of financial ‘Legacy Planning’ and why this knowledge is so important. We broke down the literal pieces your Plan is comprised of, and the manageable parts needed to create your Plan. Now that you are beginning to or already have the people and pieces in place (such as a POA, beneficiaries, health proxy, etc.) let’s take a deeper dive into those RELATIONSHIPS, because legacy planning is not just about wealth.

In working with families over the years it has become apparent that money, trust, and expectations are not always synonymous, regardless of age. Legacy plans may take care of assets, but not relationships. Might I suggest a deeper dive that warrants conversations about wealth and what it means to your heirs. Their thoughts may very well tie into your vision, but with a slightly different angle. Thought-provoking questions at various ages may allow you to see that maybe you and the keepers of your Legacy Plan are not so far apart, but seeing things through a different lens. Successful Plans must elevate and strengthen trust levels by asking difficult but thought-provoking questions about money such as:

  • What would you do if you inherited wealth?
  • Tell me about some of your social concerns and what you would change if you could?
  • What is 'life-changing’ money to you and what would you do with it?
  • What charities would you support if you could make a change in the world with this gift?
  • What books do you find interesting?
  • What do you do during the course of the day that makes you lose track of time?
  • If you could choose any career, what would it be?

This investment of time and energy with those involved could allow you to build trust and potentially form a family plan that surpasses financial wealth and builds a family dynamic that legacies are made of. I have seen many families who are not open to this line of discussion and as a result heirs, families, siblings, surviving parents, and children relationships can be strained or worse. Fortunately, I have also been blessed to work with families that share values and concepts related to money that nourish greater bonds, fostering a beautiful legacy.

Let me know how we at RoZel Financial, LLC can help foster that relationship. A family meeting may be warranted. Give us a call to continue the conversation. Be well.