Legacy succession planning

Legacy succession planning


Legacy planning is a financial strategy in which people plan to leave their assets to a loved one or next of kin after they die. A financial advisor is usually in charge of planning and organizing these events.

Before a person dies, it is critical to think about legacy planning. When people die, their wealth and possessions are left to their next of kin or people or charities named in their will.

If you do not have an estate plan in place, your estate management may go against your wishes once it is passed on. Legacy planning is significant for those who own small businesses or other assets that must be maintained.


A financial advisor can advise you on how to prepare your legacy best and assist you with any questions or special requests.

First, the financial advisor assists you in achieving a level of financial security that will allow you to live comfortably and leave wealth as part of your legacy. Many forget that they cannot leave a financial legacy if they are not financially secure enough.


Following the discussion of financial security, the financial advisor advises on how to ensure that your affairs are managed and continue to prosper after you have passed away. The advisor usually recommends meeting with your next of kin to discuss how to manage your estate to avoid surprises. The meeting allows you to express preferences or wishes about how it should be addressed or what should happen to it. It’s always a good idea to write these wishes, such as in a will. The financial advisor can also help you donate some of your assets to charity. If you own a small business, you may be concerned about protecting your estate from legal issues or creditors. Financial advisors can advise you on how to protect your assets after passed down through generations.