What does succession planning actually mean?
Estate and legacy planning is about deciding how your wealth, property and other assets will be handled and passed on in the future. Succession planning goes a step further for business and farm owners, helping you prepare for how ownership and responsibility will transition to the next generation or a new owner. Together, they help turn the things you’ve spent years building into a clear plan for the future. Whether you’re thinking about your family, your farm, your business or the causes you care about, thoughtful planning can help you pass on more than wealth.
You’ve built something worth protecting.
Let’s make sure it ends up where you want it to.
Estate Planning
Succession Planning
Legacy Planning
Bringing the pieces together.
At Journey Wealth, we help you look at the bigger picture. We’ll take the time to understand what you’ve built, who and what matters most to you, and what you want the future to look like.
From your investments and insurance to your family, farm or business, we can help you understand how the different pieces of your financial life fit into your estate, succession and legacy plans.
And because these decisions can involve more than financial planning, we can work alongside your lawyer, accountant and other professionals to help keep everyone working toward the same goals.
The best time to start is before you need a plan
You don’t need to be nearing retirement to start thinking about your estate or legacy. In fact, starting earlier gives you more time to explore your options, make thoughtful decisions and adjust your plan as life changes.
Already feel like you should have done this years ago? That’s okay too. You can start from where you are today.
While they’re closely connected, each focuses on something a little different. Estate planning considers how your assets will be managed and eventually distributed. Succession planning focuses on transitioning a farm, business or other significant asset to its next owner or generation. Legacy planning looks more broadly at what you want to leave behind, including how you may want to support your family, community or causes that matter to you.
You don’t have to wait until retirement or a certain stage of life. Starting earlier gives you more time to consider your options and make thoughtful decisions. Your plan can then evolve as your family, finances and priorities change.
You don’t need to have everything figured out before you start. Part of the planning process is identifying what matters most to you, exploring your options and understanding how different decisions could affect the people and causes you care about.
What happens depends on factors such as the type of account, how it is owned, any beneficiary designations and your overall estate plan. An advisor can help you understand how your investments fit into the bigger picture and identify areas you may want to discuss with your legal or tax professionals.
Your plan should change as your life does. Major events such as retirement, marriage or divorce, changes in your family, the sale or growth of a business, or significant changes to your finances can all be good reasons to revisit it. Even without a major change, reviewing your plan periodically can help ensure it still reflects your wishes.
It's about more than a will.
A will is important. But it’s only one piece of the picture.
Your investments, insurance, property, business interests, beneficiary designations and tax considerations can all affect what ultimately happens to your wealth. We help you look at the whole picture — and how the pieces work together.