Legacy Is More Than a Will
How Houston families think about what they leave behind
Ask most clients what they want their legacy to be, and the answer is rarely about money.
Cole's clients usually say they want to leave strong family relationships, good values, and responsible stewardship. Money is part of it, but it is rarely the most important part. Chuck's clients want their kids to be good citizens and to cherish time together as a family. Cal's clients talk about leaving a legacy of joy, love, faith, and generosity.
That is the consistent answer. The challenge is that the financial planning conversation rarely starts there.
The Two-Part Legacy
In every conversation we have about estate planning, two things come up. First, the structural piece: wills, trusts, powers of attorney, beneficiary designations. Second, the relational piece: what you want your family to know, believe, and carry forward.
Most families have given more thought to the structural piece. The relational piece is where the more important work usually lives.
"You can't just decide to have a legacy and go out and buy one. Your legacy is the life you lived. The best way to encourage clients is for them to find their values and vision, then go after and lean into those hard." Kurt Box, Advocates Wealth Planning
The Structural Piece
These are the documents and decisions every family with meaningful assets should have in place. We are not estate attorneys, but we coordinate with attorneys all the time, and these are the items we make sure are addressed in every plan.
A current will, reviewed within the last five years.
Powers of attorney for finances and for healthcare.
Beneficiary designations on retirement accounts and life insurance, reviewed annually.
A revocable trust if it serves your situation. Not every family needs one. Many do.
Asset titling that matches your estate plan. This is the most commonly broken piece.
A clear set of instructions for your executor and trustee, written in plain language.
The Relational Piece
This is harder and more important.
What do you want your kids and grandkids to know about money?
Most families have stories about how their parents handled money, about the lessons they learned, about the mistakes they made. Those stories are the most durable financial education your family will ever receive. They rarely happen by accident.
How will you pass on values before you pass on wealth?
This is one of Cole's recurring themes. Wealth without preparation often goes badly. Preparation looks like family conversations about money, involving the next generation in giving decisions, and modeling stewardship long before there is anything to inherit.
What do you want the giving to look like?
Many of our clients have charitable intentions that have never been written down. A donor-advised fund, a foundation, planned bequests, or simply a conversation with the family about what causes matter. These are tools for making intent explicit so it survives you.
Where Trusts Fit In
Trusts get more attention than they deserve in some cases and less in others. The right answer depends on family circumstance, asset level, state of residence, and the specific things you are trying to accomplish.
Some examples of when a trust meaningfully serves a family:
Privacy. A will is a public document. A trust is not.
Avoiding probate. In Texas, probate is relatively friendly, but it is still public and takes time.
Providing for a family member with special needs.
Controlling timing or conditions of distributions to heirs.
Multi-generational planning, especially for families with significant assets.
If a trust does not meaningfully serve one of those purposes for your family, you may not need one. We will tell you that directly.
Where to Start
If your last conversation about legacy planning was years ago, or if you have been putting off a conversation with your kids about money, May is a good time to take a small step. Let's talk and we can figure out where the gaps are.
Let's Talk: theadvocateswealth.com/lets-talk
FAQS
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Not every family does. Trusts make sense when they meaningfully serve a purpose, like privacy, avoiding probate, special needs planning, multi-generational control, or specific tax strategies. If none of those apply, a well-drafted will may be enough.
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Every five years at a minimum, and after any major life event. That includes marriage, divorce, the birth of a child or grandchild, the death of a beneficiary, a significant change in assets, or a move to a different state.
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Start small and start early. Many families find that involving children in giving decisions, or sharing stories about their own financial journey, opens the door to bigger conversations later. The goal is consistency, not one big meeting.
IMPORTANT DISCLOSURE INFORMATION
Past performance is no guarantee of future results. Different types of investments involve varying degrees of risk. Therefore, there can be no assurance that the future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Advocates Wealth Planning (“Advocates Wealth Planning”), or any non-investment related content, will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Neither Advocates Wealth Planning’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Advocates Wealth Planning is engaged, or continues to be engaged, to provide investment advisory services. Advocates Wealth Planning is neither a law firm nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, no portion of this discussion or information serves as the receipt of, or a substitute for, personalized investment advice from Advocates Wealth Planning. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.theadvocateswealth.com. The scope of the services to be provided depends on the needs and requests of the client and the terms of the engagement.
Please Remember: If you are an Advocates Wealth Planning client, please contact Advocates Wealth Planning, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless and until you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.