Succession Planning

Protecting Your Legacy and Planning for Peace of Mind

Thinking about the future isn't just about managing your hard-earned wealth; it's really about ensuring your wishes are honored and the people you care about are looked after. That's where succession planning comes in – it's a thoughtful step to make sure your assets are passed on as you intend, your business is ready for its next chapter, and your family feels secure.

When we talk about how to best plan for the future, two main tools come up: wills and trusts. Both help in distributing your assets, but they work in slightly different ways. Retirement Consultants helps you explore your options for protecting your legacy through succession planning.

Our Resources

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Understanding Your Options Together: Wills and Trusts

Wills

Think of a will as a clear set of instructions, a legal document that spells out exactly how you want your assets divided and who you'd want to care for any young children. It comes into play after you're gone and needs to go through a process called probate, which can take a little time and involve some costs.

Trusts

A trust manages your assets while you're living and then smoothly transfers them after. One advantage with trusts is that they can often bypass probate, which can make the whole process easier for your loved ones. There are many kinds of trusts, each with its own advantages. Finding the right fit for you is key.

How You Can Avoid Common Succession Planning Hiccups

Planning for the future can feel a bit complex, and there are a few common things we want to help you avoid:

Putting it Off: It's easy to think, "I'll get to it later," but delaying your plan can sometimes lead to unexpected complications down the road. Starting sooner rather than later means you'll feel more prepared and in control.

Going It Alone: While it's great to be proactive, DIY planning can sometimes lead to important details being missed. Chatting with a financial advisor can really help you navigate the ins and outs of succession planning and ensure everything is set up correctly.

Not Keeping Things Up-to-Date: Life has a way of changing! Things like getting married, starting a family, or even changes in your business should prompt a fresh look at your plan. If you don't update it, your assets might not end up where you intended.