Legacy planning for the next generation: Start conversations that matter

When most people hear “legacy planning,” they immediately think of wills, trusts, and tax strategies. While these tools are important, they’re only one piece of the puzzle. Proper legacy planning goes deeper. It’s about meaning, values, and the conversations that shape how wealth and wisdom are passed down through generations. At its core, legacy planning is not just a financial exercise. It’s a deeply human one.

Why So Many Families Avoid Legacy Planning

The number of Americans with estate planning documents has declined since 2022, when more than 50% of respondents said that estate planning was somewhat or very important to them. Now, more than 50% of respondents don’t have a will at all.

Many successful individuals delay or avoid estate planning, not because of legal complexity, but because of emotional resistance. Talking about aging, death, or family dynamics can be uncomfortable. Parents may worry about treating children fairly, adult children may hesitate to raise sensitive topics with their parents, and blended families often face unique challenges in ensuring everyone feels seen and supported.

As financial advisors, we understand these emotional dynamics, and we’re here to help. Our role is not just to crunch numbers or coordinate with estate attorneys. It’s to guide thoughtful conversations that bring families closer and ensure your legacy reflects more than what you’ve built — it reflects who you are.

Your Legacy Is More Than Your Balance Sheet

Legacy planning should include intentional discussions about:

• Your values and life experiences
• The purpose of your wealth
• What you hope your children and grandchildren will carry forward
• How you want to support your community or causes that matter to you

These conversations become especially important during life transitions, such as widowhood, second marriages, or sudden illness, when clarity and communication can prevent conflict and preserve family harmony.

Who should be part of the conversation?

Legacy conversations often begin with a spouse or partner, but they shouldn’t end there. It’s important to involve the right people at the right time, ideally before decisions need to be made.

That often includes:

• Adult children and other beneficiaries (typically ages 25–55): These individuals may inherit wealth, take on responsibilities as trustees or executors, or need to collaborate on caregiving decisions.
• Spouses or partners of children: In blended families or families with shared assets, bringing in in-laws or step-relatives can reduce future misunderstandings.
• Key advisors: Your financial advisor, estate attorney, and CPA should work together to ensure your strategy is coordinated and reflects your intentions.
• Trusted non-family members: If you’re relying on a long-time friend, business partner, or professional fiduciary, make sure they understand your values and the expectations of their role.

+ Download the Legacy Planning Discussion Guide to help with these conversations

When should the next generation know the plan?

There’s no perfect age to share the full details of your estate plan, but transparency is most effective when it’s age-appropriate and intentional. As a rule of thumb:

• By age 25–30, adult children should have a general understanding of your values, your estate planning goals, and any roles they may play (such as power of attorney, trustee, or executor).
• By age 40–50, if they are likely to inherit significant wealth, they should also understand your investment philosophy, charitable priorities, and the responsibilities that come with stewardship.
• Earlier is better if your health is changing or if your estate plan involves complex decisions that would benefit from clarity and collaboration.

The goal isn’t to disclose every financial detail — it’s to avoid surprises, prevent conflict, and help your family make decisions that honor your wishes.

It starts with a conversation

We don’t just support you — we support your family. That includes helping the next generation become thoughtful stewards of wealth. Through financial education, values-based investment planning, and coordination with your legal and tax advisors, we help ensure your legacy is aligned with your family’s purpose and built to withstand the future.

We also work with families to navigate complex dynamics, whether that’s integrating stepchildren, supporting a child with special needs, or bridging communication gaps between generations.

You don’t need to have all the answers. You just need a safe place to start the conversation with someone who understands both the financial and emotional aspects of planning for the future.

If you’re ready to move beyond documents and start building a legacy that lasts, let’s schedule a call.