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WHAT IS LEGACY PLANNING?

Updated: Mar 28

We all have our own version of organization, and yet when a loved one passes away and the trustee/personal representative (“trustee”) must take over, rarely does their loved one’s style of organization translate in the way that they hoped. In fact, their “organized chaos” rarely provides close to everything their trustee needs to do the multitude of tasks they will be required to do. This is by far one of the costliest parts of administering a trust, the great trustee treasure hunt.


Before an estate can be settled, the assets need to be identified and valued, the debts need to be identified and the professionals (attorney, CPA, wealth management team), heirs, and beneficiaries need to be identified. If only the loved one had a detailed document outlining everything the trustee would need to efficiently administer the trust…that’s what Legacy Planning does.

 

Legacy Planning is the process of identifying, documenting and solidifying all the pertinent details from the loved one while they are alive and well, rather than burdening the trustee to recreate it all once they’re gone.

 

At Heirloom, we work with our clients to get everything organized, documented and in order so when the time comes everything can be handled as quickly and efficiently as possible: 1) leaving the trustee with time and energy to attend to their other commitments and 2) minimizing the expenses of administering the trust leaving more for the loved one’s beneficiaries.

 

We have created a way to systematically identify everything the trustee will need to know; in the order they will need to know it. The trustee will have documented information about contacts, assets, debts, funeral plans, plans for pets, plants and more.

 

There is no reason to burden a trustee when there is a simple way to avoid it, Legacy Planning.

 

 

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