As a father and an estate planning attorney, I often think about the importance of leaving a legacy for my children and my family when I’m gone. With estate planning, there’s a number of ways to do that.
Typically the first thing people think of leaving are assets. This is done with a will, or for young children, thru a trust. Leaving assets behind in the right way, to the right people, will ensure your family, and your legacy are taken care of and protected.
The most important reason for parents with minor children to have a will is to name guardians for your children. It's about making sure that if something were to happen to either of you, that you have made the decision, rather than allowing the court to make the decision, who will love and care for your children the way you would want them to be raised.
When it comes to leaving a legacy, there are many different things you can do. Here are three things to think about:
1. Leave Personal Effects
Often people want to ensure that their wedding band, watch, or things that have value to them, will be passed down to their children or someone of importance to them. This way your family will have something to remember you by.
2. Make Charitable Donations That Could Benefit Your Children
Whether it’s donating to a private school or university you or your children attended setting up a scholarship in perpetuity is a great way to leave a legacy for you and your family's name.
3. Pass Personal Values Through An Estate Plan
You can do this by making sure your children are only able to access assets if they’ve achieved certain goals. For example, receiving a 4-year degree, staying out of trouble with the law, or having to pass a periodic drug test.
On this Father’s Day, do something special for your family by managing your money, evaluating your insurance needs, and reviewing or putting in place an estate plan. It all plays a role in making sure loved ones are taken care of even after you are gone.
Russ Nesevich is the Director of Estate Planning at King Financial Network. Russ works directly with families to help navigate solutions that help meet their needs. He mainly focuses on preserving wealth, minimizing estate taxes, and positioning clients to leave behind a legacy for future generations.
King Financial Network is an integrated, team-based network that takes a comprehensive, customized, and independent approach to guide you through Financial,Retirement,Tax, Insurance, and Estate Planning.
Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.