Planning Together: A Couple’s Guide to Financial Security

For couples, February is often associated with love, but it’s also an ideal time to reflect on the life you’re building together. One of the most meaningful ways couples can express love is by creating or updating a comprehensive legacy and estate plan.

By documenting your shared values, goals, and intentions, you build a foundation that protects not only your assets, but also each other. Taking time now to plan ensures clarity, reduces uncertainty, and provides confidence for the years ahead. Below are some key strategies:

Define Your Legacy: 

Clearly outline the principles and values that define your legacy. Consider what impact you want to leave on your family's future.

Coordinate with Legal Documents: 

Align your legacy plan with legal documents like your will and trust. Seek professional advice to ensure that your intentions are legally binding.

Succession Planning Inclusions:

If your family has businesses or assets to pass down, incorporate succession planning into your strategy. Clearly communicate your vision and expectations for a seamless transition.

Nominate Successors and Trustees:

Designate successors for family businesses, trustees for trusts, and executors for your will. Clearly outline their roles and responsibilities to ensure a smooth transition.

Specify Asset Distribution:

Outline how you wish your assets to be distributed, including properties, investments, and sentimental items. This clarity minimizes the potential for disputes among heirs.

Address Potential Conflicts:

Anticipate and address potential conflicts among beneficiaries. Use your plan to offer guidance on conflict resolution, contributing to the long-term harmony of your family.

Professional Involvement:

Engage legal professionals experienced in estate planning to review and validate the legal aspects of your plan. Their expertise helps avoid potential challenges in the future.

Financial Wisdom Documentation:

Alongside expressing your wishes, include financial insights and wisdom gained over the years. This can guide your successors in managing and growing their wealth responsibly.

Regular Updates:

Periodically update your legacy checklist in sync with your legal documents. This guarantees that both reflect your current intentions and desires.

This February, elevate your expression of love by gifting a comprehensive guide for legacy and estate planning. Build a legacy that stands the test of time, transcending material gifts and creating a solid foundation for the prosperity of your family in the generations to come.

Contact an Oppenheimer Financial Professional here to learn more ways to secure your financial future.