R E G I O N S ’ PE R S PE C T I V E
A FAMILY LEGACY MEETING
How your Regions Wealth Advisor can help you build generational strength and clarity by creating a family plan
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RANSFERRING WEALTH and creating a clear, manageable plan for doing so is more involved — and stressful — than you may
realize. Each family member may have different views on how to use and preserve the family’s assets, along with his or her own financial needs and goals. You can bridge these differences by speaking openly with your family members, discussing values and roles, and building a clear plan that everyone will embrace. Your Wealth Advisor can help you
build such a plan by facilitating a family legacy meeting. This is an organized, collaborative process designed by Regions Private Wealth Management in which your family discusses shared values and goals and then incorporates wealth-management strategies to meet these goals. Having your Wealth Advisor facilitate
such a meeting can ensure that each person’s viewpoints are treated fairly and objectively. Through the advisor’s guidance, your family will gain insight into the often- complex legacy-planning process, and you will come out with a clear agenda that helps your family achieve its goals. Here are some key steps your Wealth Advisor can guide you through:
WRITING A FAMILY MISSION STATEMENT. A family’s legacy must be guided by values and principles, and the best way to ensure that happens is to write them down. Your Wealth Advisor can help your family create a clear statement of its core financial values and principles. This process some- times starts with senior family members who share and discuss their mission statement with younger generations.
BY JERRY WHITE EAST REGIONAL EXECUTIVE
COMMUNICATING VALUES AND INTENTIONS. Once a mission state- ment is in place, your Wealth Advisor will
facilitate an open dialogue around your family’s principles. Your advisor can help your family discuss questions such as: How do these values and goals affect how your family’s wealth gets transferred? How do they affect inheritance plans and philanthropy? What strengths does each family member have and what role will each person play in the legacy-planning process? If a family-owned business or real estate is involved, how will that affect the plans?
CREATING A FAMILY PLAN. Once key topics are discussed, your Wealth Advisor will help you create a detailed and comprehensive financial plan based on your family’s specific needs and goals. A variety of legacy-planning documents — including wills, living wills and health- care directives, insurance, trusts and power of attorney designations — can help you achieve your goals and transfer your wealth most efficiently. Your Wealth Advisor will bring in the right partners depending on the areas of expertise needed.
REVIEWING AND UPDATING YOUR PLAN. Family legacy meetings are not a one-time event, but rather a series of ongoing conversations. Your values may remain nonnegotiable, but opportunities for acting on those values can change over time. Reviewing your wills, trusts and estate-planning documents at least once a year can help ensure your family’s plan stays current.
Don’t postpone discussing legacy matters with your family. The earlier you start planning for your family’s wealth transfer and legacy, the more confident you can feel that you’ll have a plan in place when you really need it. Talk with your Regions Wealth Advisor today about setting up a family legacy meeting. p
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