People work so hard to build their wealth to support their family and lifestyle. The next step, which can be an important one, is leaving a legacy. How do you want the fruits of your labor to be passed from generation to generation? In this article we provide helpful steps to safeguard your legacy and to set your heirs up for success.

1. Define your Estate Plan

First things first, make sure your assets are accounted for and will be left the way you want them to be. Consider a few of the following questions. 

  • Is your will updated? 
  • Do you need a trust? 
  • Do you have a financial power of attorney?
  • Do you have medical directives? 
  • Are your assets titled properly? 

If you do not have these questions answered, contact Sharkey, Howes & Javer to help you get started. 

2. Start the Conversation

Finances can be a private and difficult conversation to have. It is not easy talking with loved ones and preparing for someone’s death. However, it is important to discuss your plan and reasoning with your beneficiaries. Choose an appropriate time and place to discuss your plan with your heirs. Many times, children or beneficiaries are at different stages in life. You may have a successor who is more financially independent than the other. Do you want to make it equitable or split your wealth evenly? Do your inheritors need guidance with handling money? Talking about your estate plan can help get your children started with investing or growing in their financial journey. Read our tips to help guide the conversation when talking to your children.

3. Introduce your Financial Advisor

Bring your children or heirs to your next meeting with your financial advisor. It is important your beneficiaries are financially mature if they are to inherit your legacy. Having them involved in the conversations with your advisor can help them be more engaged in their own finances and help you with, potentially, a tough conversation.  

At Sharkey, Howes & Javer we would love to meet your family and help create a vision for your legacy. Talk to your CERTIFIED FINANCIAL PLANNER before your next meeting to involve your beneficiaries.

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