How to Get Started with Legacy Planning No Matter Your Budget

Odie Otterstrom |

Introduction: What is Legacy Planning and Why Should You Invest in It?

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Legacy planning is an important part of financial planning that many people overlook. It involves making sure that your assets are managed and distributed according to your wishes after you pass away. And assets can be so much more than just money. Think about that family cabin, or perhaps it’s some art, or even a pet! By investing time in legacy planning, you can ensure that your loved ones are taken care of when you're gone and that your hard-earned money is used to the best of its ability. Investing in legacy planning now will give you peace of mind knowing that those closest to you will be taken care of when the time comes.


What are the Benefits of Legacy Planning?

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Legacy planning is an important financial decision that can provide you and your family with long-term security and protection. It is a way to ensure that your hard-earned wealth and the projects you were passionate about are passed on to the next generation in a way that preserves its value and/or memory. Legacy planning can also help you protect your inheritance from taxes, creditors, and other potential risks. By taking the time to create a plan for your legacy, you can ensure that your loved ones are provided with financial security for years to come.


How to Get Started with Legacy Planning on a Small Budget

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Legacy planning is a daunting task for anyone, but many with limited assets or means can often overlook this important part of the process. It is possible to create an effective plan without breaking the bank. Most of the services we are talking about here are available as a part of your account ownership. Things like checking the beneficiaries on your bank account, retirement accounts, investment accounts and maintaining even a simple internet form template will for your prized possessions can get your family started.


Tips and Tricks for Writing an Effective Will or Trust

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Writing a will or trust is an important part of ensuring that your wishes are carried out after you pass away. It is essential to take the time to carefully consider the contents of your will or trust, as well as who should be chosen as executor. There are a lot of online resources for getting started here, and there are also some fabulous local attorneys if you need additional reviews or would like to make it official through the court system.

Conclusion: Start Creating Your Legacy Today with These Easy Tips!

It doesn’t need to be complicated. Make sure you are taking care of your prized possessions, whether they are cash, homes, baseball cards, or our four-legged friends. By taking a moment now to work on updating these processes, you will ensure that your celebration of life really is a celebration, because the hard work of deciphering your intentions will be done for your family and friends.


As always let us know how we can help you, our clients or friends and family as you think about these processes or if you find yourself supporting someone else through estate and legacy management.