Online memberships and credit card purchases.What are the ownership splits with your partner(s)?ĭon’t forget to take inventory of your digital assets and how they factor into your estate, and keep a secure, up-to-date record of all passwords.Who will take over the business, and how will it be operated?.If you’re a business owner, think about a succession plan and how your family will play a role. Bank account and retirement plan informationĭiscuss long-term care and diminished capacity, and determine who has decision-making power in the event of a medical emergency for all adult family members.Work with your advisor to create and collect the documents needed to maintain and manage your estate over the long term. Are your heirs prepared to be good stewards of their inheritance?.Are your children facing unique circumstances, such as multiple marriages or disabilities, that would impact the family’s future?.Are your finances set up to meet your family’s goals?.

What are your family’s short-term, medium-term, and long-term goals?.

What would you like to pass down to your children and grandchildren?.

A legacy plan addresses non-financial capital, such as family history, traditions, values, and philanthropic goals.īegin by considering your vision for your family’s future.

An estate plan addresses assets, such as property, family heirlooms, and money.

Know the difference between an estate and legacy plan, and discuss them both. Not sure what legacy and estate planning topics are relevant to you? Here’s a checklist to start. 2 Yet, nearly half of advisors (44%) do not see their clients having open and consistent dialogues about family finances.

Almost all advisors (82%) say transparency into family finances is of critical importance to raising children who understand the value of money, according to Key Private Bank’s Advisor Poll focusing on the next generation. 1įamilies can take steps toward securing their financial futures by working with their advisors to organize transparent conversations about legacy and estate planning. Did you know that 70% of high-net-worth families lose much of their wealth by the second generation? That number grows to 90% by the end of the third generation, as noted in an article by Money.

Financial checklist for estate planning