by Austin Boyce

A comprehensive estate plan protects your property while you’re alive and sets out how it will be distributed to the people or organizations you care about after you pass away (See Ben Jenning’s article).

Due to the effects of compound interest and increased savings, our asset base grows as we age. As the chart below shows, Baby Boomers are a testament to this wealth creation, leading the way (by generation) with $82.4 trillion in net worth. This accumulation of wealth has set the stage for the largest wealth transfer in American history.

Although assets generally increase in value over time, it’s essential to define your financial objectives; needs and goals vary by individual. Is your goal to accumulate as much as possible and dive into it like Scrooge McDuck, satisfied by the sheer size of your wealth? Or do you see money as a way to create ease, joy, and lasting memories with family and friends? Maybe your deepest desire is to give generously to causes that shaped your life or impacted others in meaningful ways—or perhaps it’s a mix of all three.

It’s important to stay mindful of your financial goals and to establish a plan that covers both your lifetime needs and the legacy you leave behind.

Creating this plan is a crucial part of the estate planning process. Knowing what is most important to you (and your loved ones) guides you toward choices that result in a deeply satisfying life. Your SoundView Advisor is here to help you navigate this journey with thoughtful questions and insights for the road ahead.