The Legacy Conversation

Why the Legacy Conversation is Important

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®

The Legacy conversation is an important talk to have with your children and beneficiaries in order to reduce stress and potential conflict in the future.  It will put your children at ease and provide for peace of mind as they know there is a plan in place. 

The Legacy Conversation

The legacy conversation is a conversation you may want to have with your children and/or beneficiaries to discuss how your estate will be passed on. This will help you to:

  • share your most important values with your children;
  • let them know what you wish to happen as you age;
  • potentially reduce confusion, discord, and family conflict;
  • talk about any concerns you or they may have; and
  • feel in control and let your children know that you have a plan.

Some of the potential topics to review could be:

  • what’s important to you in the legacy and wealth transfer process;
  • the values you wish to pass on;
  • the people who will have a leading role in your planning;
  • health care issues, and the eldercare” plan;
  • why you may be using trusts versus an outright distribution;
  • potential controversial issues, such as difference in amounts each child may be receiving;
  • your charitable plan and strategy;
  • your plans for your business. 

Finally, let your children and beneficiaries know who all your advisors are.

For more information on the Legacy Conversion you can refer to Chapter 10: The End of Summer  from the book Preserving Wealth The Next Generation – The definitive guide to protecting, investing and transferring wealth by Jack Lumsden, MBA, CFP®


You can also purchase the book at locations listed here.


This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.

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