Points to know
- Estate planning maximizes the benefits of your wealth for your beneficiaries.
- Taking time to consider what's most important to you can help you define your legacy.
Opening the lines of communication
Working together to establish shared goals and values and prepare for the future can bond your family and foster unity. Families who communicate effectively are generally more successful at transferring their wealth than those who don't.
If your family's decided to involve everyone in legacy planning, here are some ways you can contribute.
Take part in family meetings
Open the lines of communication through family meetings. Active participation by all attendees makes any meeting more successful so be willing to share your ideas, ask questions, and offer your opinions about upcoming family decisions.
You may have questions or concerns you find difficult to discuss. Keep in mind that it's better to address them openly than to avoid them or put off the conversation until later.
Help define your family's collective vision
Through a family mission statement, you can express your family's values and the purposes for your wealth. It provides a framework to guide your family in future decision-making.
The mission statement should reflect the input of the entire family so it's most effective when approached as a group effort.
Create the role you want
If you're interested in a topic relevant to your family, such as philanthropy or investing, or if you have a skill or talent useful to the group, volunteer to take the lead on that subject.
Planning for the future
Wealth brings with it the responsibility to handle various, sometimes complex financial matters. Being unprepared for them can make an already stressful situation even more difficult so take steps now to get the information and guidance you'll need.
Pursue your financial education
Whether you're new to investing and financial planning or you already know a fair amount, our educational resources can provide what you need. Building your investment knowledge is an ongoing process, and it's never too soon to start.
You can find a wide range of educational resources for novices as well as more experienced investors in our knowledge center.
Evaluate your long-term goals
Picture how you'd like your life to look in 5, 10, maybe even 20 or 30 years. Where are you living? Are you retired? Traveling the world? Spending more time with family and friends? Jot down your visions so you can visualize what you're working toward.
Consider partnering with an advisor
Depending on your situation, this could be a good time to begin working with a Vanguard team that can help you plan for current and future goals. Starting now can also give you a chance to build a relationship before you receive an inheritance.
Working with a trustee
If you're a beneficiary of a trust, the trustee can help you understand the terms of the trust and answer questions about the grantor's intentions. The trustee can also explain their legal obligations to the trust's beneficiaries and grantor.
Depending on the trust's terms, you may be communicating with the trustee on a regular basis. Building a good working relationship with the trustee and making sure you both have clear expectations about the process can help the ongoing management of the trust run more smoothly.
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Get more from Vanguard
✓ Custom financial plan
✓ Ongoing portfolio management
✓ Investment coaching
✓ Real-time goal tracking
✓ All at a low cost
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Vanguard family legacy services
We're here to help. Talk with your Vanguard team.
Call 866-226-2759
View your account or schedule time to talk with your relationship team.
Vanguard family legacy services
We're here to help. Talk with your Vanguard team.
Call 866-226-2759
View your account or schedule time to talk with your relationship team.
Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.