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Preparing Your Family "LifeBoat" (Estate Planning)

Preparing Your Family "LifeBoat" (Estate Planning)

February 07, 2023

Preparing your "lifeboat" will be a critical resources in the event of an emergency or a major life event.

Chances are you're familiar with the terms "Estate Planning" or "Legacy Planning." While these terms have a formal definition and often work together, leaving a legacy is about much more than money or documents. Grief and financial confusion make for a bad cocktail, which is why being proactive in preparing your "lifeboat" is a critical element of the planning process.

Key Estate Planning Stats, According To LegalZoom:

  • 56% of Americans believe estate planning is Important, but only 33% have created estate planning documents. (
  • American retirees expect to transfer more than $36 trillion to their families, friends, nonprofits, and additional beneficiaries over the next 30 years. (
  • 52% of people don't know where their parents' store estate planning documents. (Cambridge Trust)
  • Only 46% of will executors were aware of a will. (
  • 77% of pet owners designate a guardian for their furry friend. (Trust & Will)
  • Nearly 70% of property owners plan to bequeath real estate to their heirs. (Bloomberg)

The concept of legacy planning helps to identify which assets your loved ones should get based on your values and how you want to be remembered. Applying this lens can allow you to pass on lessons like pursuing education, investing, preserving wealth, saving, or charitable giving. In short, legacy planning gives your estate plan purpose.

Keys To Consider For Anchoring Down Your Estate Plan:

  • Protecting property and assets
  • Planning for how assets are passed on
  • Avoiding family disputes
  • Establishing limitations or control measures for beneficiaries
  • Charitable desires
  • Determining who receives valuables and sentimental items

The truth is, involving your family early and often is one of the best ways to explain your intentions, create alignment, and avoid family troubles down the road. Here are five tips on how to do so to help everyone feel more comfortable.

  1. Plan ahead.
  2. Focus on your goals.
  3. Set proper expectations
  4. Involve a professional.
  5. Be consistent.

Key Word - Purpose

  • 5 Ways to Find Purpose
    1. Create a personal vision statement. What is important about money to you?
    2. Spend time with people that inspire you.
    3. Join a cause or give back.
    4. Explore your passions.
    5. Practice Gratitude.

We understand that legacy planning is a complicated topic, and we know that you only want what’s best for your loved ones. If you need help starting the conversation — or you’d like a mediator to be there — give us a call.