Create Your Legacy

Framed photographs of people at a sports field, with one image showing a coach and child, and the other showing a coach saluting.

Defining your legacy means intentionally deciding how you want to be remembered and what impact you hope to leave behind. It starts with identifying your core values, the people and causes that matter most to you, and the principles you want to pass on. As part of creating your legacy, it’s also essential to establish a well-thought-out estate plan. This ensures your wishes are honored, your loved ones are protected, and your assets are distributed according to your values. By aligning your daily choices with your long-term vision and putting the proper plans in place, you begin to build a legacy that will endure for generations.

Estate Planning

Estate planning is a vital part of financial wellness that ensures your assets are distributed according to your wishes and that your loved ones are protected after your passing. For parents with minor children, estate planning becomes even more critical. It allows you to legally name a guardian to care for your children if something happens to you, avoiding uncertainty or court decisions. It also ensures your children’s inheritance is managed responsibly, often through a trust, until they are mature enough to handle it themselves. Beyond just writing a will, a solid estate plan includes beneficiaries, powers of attorney, healthcare directives, and tax strategies to safeguard your legacy. No matter your net worth, estate planning gives you peace of mind, protects your family’s future, and ensures your values and wishes are honored.

Why It’s Important to Have an Estate Plan

If you pass away without an estate plan, your assets and personal wishes are left in the hands of the state’s default laws, known as intestate succession. This means the court will decide who inherits your property, regardless of your personal relationships or intentions. For parents with minor children, this can be especially devastating—a judge will choose a guardian for your children, which may not align with your values or wishes. Without proper planning, your loved ones may also face lengthy legal processes, higher taxes, and potential family conflicts over inheritance. In addition, minors who inherit assets without a trust may gain full access to those funds as soon as they turn 18, regardless of their readiness. Estate planning protects your family from unnecessary stress and ensures your legacy is handled exactly the way you intended.

How to Create an Estate Plan

Creating an estate plan gives you control, protects your loved ones, and ensures your legacy is handled exactly how you intend. It’s one of the most important acts of financial responsibility and care you can take.

  1. Take Inventory of Your Assets
    List everything you own—real estate, bank accounts, retirement funds, investments, vehicles, valuable personal property, and life insurance policies. This gives you a clear picture of your estate.

  2. Identify Your Goals and Wishes
    Decide how you want your assets distributed, who should care for your minor children, and who will manage your affairs if you're unable to. This ensures your estate plan aligns with your values and family needs.

  3. Create a Will
    A will outlines how your assets should be distributed and names guardians for your minor children. Without a will, the state decides these matters according to default laws.

  4. Consider a Trust
    A trust can help you avoid probate, provide more control over how your assets are distributed, and protect your estate from taxes or creditors. It’s especially useful for parents of young children or those with complex estates.

  5. Assign Power of Attorney
    Name someone you trust to manage your financial affairs if you become incapacitated. This ensures bills, property, and other responsibilities are handled smoothly.

  6. Set Up a Healthcare Directive
    A living will and healthcare power of attorney specify your medical wishes and designate someone to make decisions on your behalf if you can't communicate.

  7. Name Beneficiaries
    Review and update beneficiaries on your insurance policies, retirement accounts, and financial accounts. These often override what’s written in your will.

  8. Plan for Taxes and Expenses
    Talk to a financial advisor or estate attorney to minimize estate taxes and plan for funeral or administrative costs so your loved ones aren't burdened.

  9. Keep Documents Safe and Accessible
    Store your estate plan in a safe place and make sure your executor and trusted family members know where to find it.

  10. Review and Update Regularly
    Life changes—marriage, divorce, births, deaths, or major financial changes—should prompt updates to your estate plan to keep it current.