Legacy Planning

Our Services

Many individuals confuse financial planning with general savings and investing advice. While how much to save and where to invest those savings, is every bit important, prudent Financial Planning goes much beyond the realm of just saving and investing. The sooner you understand the role of financial planning in meeting your short, medium and long-term financial aspirations, the better you’ll be able to control your financial life.

Why Planning your Legacy Is Important

If you wish to leave behind a lasting legacy, whether it’s for family and loved ones or a charitable institution, then you need to put a well-thought-out Estate Plan in place, so your legacy is established in accordance with your wishes. Without such a Plan, strangers (the State, Lawyers or individuals that don’t have your interests in mind) could determine what happens to your Estate.

If you wish to ensure that you are in control of what happens to your estate, and if you want to guarantee that your estate is handled in accordance with your directives, then having an Estate Plan is paramount.

What We Can Do For You

While we are not licensed lawyers and cannot create the estate documents for you, we can put you touch with local attorneys who specialize in estate law. We are here to educate you on the importance of each part of your estate plan and establish lines of communication with executors, beneficiaries, and your trusted contacts in order to make the transition of assets easy during what is a very stressful time. We can also help you fund your trust, maintain up to date beneficiaries, and help consolidate accounts to make it as streamlined as possible.

Items to consider in a well thought out estate plan:

The Will:

This is Estate Planning 101 and the document most people think of when they hear estate plan. But this is just one piece. However, without it, the state could potentially be the entity dictating how your assets will be divided. Like any part of a financial plan, this document should be updated due to life events such as marriage, children/grandchildren, divorce, death, or other major change to the family.

Powers of Attorney (POA) and Medical Directives:

What happens to your assets if you can no longer make decisions for yourself? While we don’t want to contemplate a time that we can’t handle our financial affairs, it is an obstacle to prepare for. Through a thought-out Power of Attorney, you have specifically designated who is to manage these decisions for you. By having this in place before something happens gives allows you to still dictate your wishes and minimizes the guess work. And the same goes for your Medical Directive. Only you know your wishes and if you want those wishes to be acted on, it is imperative to have this in writing.

Choosing Executors:

The Executors of your Estate wield strong powers that determine how your Estate is finally dealt with upon your passing.

Designating Beneficiaries:

If you don’t choose beneficiaries for your assets, your estate assets might well end up in the hands of individuals that you never intended should benefit from them. Beneficiary reviews are part of the ongoing monitoring of any well thought out financial plan.

Setting Up a Trust*:

Though you may no longer be here, many of your assets – like your long-term investments, property and other tangible assets – will likely need care, protection and management until they are finally disposed of. Depending on your unique situation, a trust might be something you will need to create in your estate plan. It gives your heirs more privacy upon your death and you more control on how your assets are divided. Consult your attorney to see if a trust is appropriate for you.

Continuing Your Legacy:

Once the various pieces of your estate plan are integrated with your overall financial plan, we can help transition the assets to your heirs. We review with the beneficiaries any constraints (i.e. trust distribution rules), potential tax ramifications, and look to integrate your wishes into their own long term financial plan.

*LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
Williamsburg Financial Group and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.

While our process may be four steps, the last step in our process is not the end.

Our process is truly the beginning of building relationships with our clients and their loved ones. From welcoming children or grandchildren into the world, to helping an aging parent or planning for long term care, these life events are all part of the ongoing financial services we provide.

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