Most estate planners focus on how best to protect and pass on assets, but an attorney that truly takes the time to understand you and build a relationship knows that a will or a trust is not all about assets. In fact, for all of the technical and financial language you may find in your will or trust, the most important part of the document is if—and how—it reflects your values.
You may think that values are something you’re more likely to discuss with your spiritual advisor than your estate planner, but we know you’ve worked hard to give your children or grandchildren a foundation of knowledge and belief to serve them when you’re not there. While passing along assets is important for continuing financial security, preserving these values is often the key to help them continue to grow and contribute meaningfully in the world.
There are many ways you can use your estate plan to pass on your values, but below are a few specific examples:
- You can stress the importance of education by leaving an inheritance to your children or grandchildren in an Educational trust.
- Help your kids learn to follow their dreams by earmarking part of the trust principal to be distributed should they want to start their own business.
- Pass on your belief in the value of family by creating a special trust to support stay-at-home parents.
- Provide conversations about your beliefs and family stories that are preserved for the future.
- Teach fiscal responsibility by choosing to have distributions made gradually, helping your beneficiaries learn how to handle their finances responsibly and with maturity.
Many of America’s wealthiest families focus on the values to pass to future generations as much as the financial side of things because they know that is the key to keeping their unique family spirit alive. Let Ascend Law help you preserve and pass on your unique family spirit too.