As an estate planning law firm, we believe in the power of properly tending to one’s assets so that they can be passed on in accordance with one’s wishes upon death. However, even within the realm of estate planning, there are different strategies that can be undertaken depending upon one’s stated goals. For example, those who merely want to ensure that their assets are passed down to beloved family members may be able to get away with the simplest of estate planning tools. But those who have numerous assets, want to avoid the overreach of creditors, and those who want to place contingencies upon beneficiaries’ access to assets may need a much more in-depth plan.
The same holds true for those who want their assets to become a legacy. One study showed that there is a 70 percent chance that all assets left through an estate plan will be gone by the second generation. There is a 90 percent chance that it will all be gone by the third generation. For some people, this is good enough. For others who want their estate to last for longer may need to ensure that their estate plan is appropriately created and maintained.
For those hoping to create a legacy, an estate plan should be viewed like a business. Although successfully creating it is a great start, it should continue to be worked so that it can grow into the success originally envisioned. A big part of legacy building is simply identifying those assets that should be maintained for the long-term. Merely leaving large sums of money or a house to a loved one, for example, will probably benefit that individual, but those assets likely won’t be around for the next two or three generations. Therefore, it is critical to identify legacy assets and handle them accordingly.
By creating the appropriate estate planning vehicles to handle these assets, Arizonans can work to build a plan that supports their loved ones for many years to come. The process isn’t easy, though, as it is a sustained and long-term effort that may require the assistance of multiple professionals. However, it is certainly a topic that is worth discussion, which is why our firm stands ready to meet with potential clients to identify their estate planning goals and identify ways to reach them.