Legacy
Legacy & Estate Planning Strategies
Legacy and estate planning generally refers to organizing your finances so that assets are transferred according to your wishes, with consideration for family needs, potential taxes, and estate costs. Financial and insurance planning can play a supporting role in this process, alongside legal documents such as a will, which should be prepared with a qualified legal professional.
Generational journey
How Wealth Moves Between Generations
Select a generation to see the questions that usually sit with it.
A simplified estate picture
What an Estate Actually Has to Settle
This is an educational map, not legal advice. Explore the elements a plan usually has to account for.
The Estate
Beneficiaries
Who receives what, and whether named designations still match your current intentions.
Wealth Growth does not provide legal advice or draft wills. Work with a qualified lawyer and tax professional on estate documents.
Who may consider this?
- Individuals who have not updated their will or beneficiary designations in several years
- Parents wanting to provide for children or grandchildren
- Business owners planning for succession or transferring a business
- Individuals who want to leave a gift to a charity or cause
- People concerned about estate costs or liquidity for their beneficiaries
- Blended families wanting to clarify how assets will be divided
Why does it matter?
Without adequate planning, an estate may face delays, unexpected costs, or outcomes that do not reflect what the individual intended, particularly when assets include a business, real estate, or blended family considerations. Legacy planning is intended to help reduce uncertainty for loved ones, though actual outcomes depend on individual circumstances, legal documents, and current legislation.
What should I consider?
- Do you have an up-to-date will that reflects your current wishes?
- Have you reviewed beneficiary designations on registered accounts and insurance policies recently?
- Would your estate have enough liquidity to cover taxes, debts, and final expenses without forcing a quick sale of assets?
- Do you want to leave a specific gift to family members or a charitable cause?
- If you own a business, do you have a succession plan in place?
- How would you like to address a blended family or unequal distributions among heirs?
- Have you discussed your estate plan with the people it may affect?
Go deeper
The role of a will and estate documents
A will is a legal document that generally outlines how you want your assets distributed and who should manage your estate after your passing. Estate planning also often includes documents such as powers of attorney and beneficiary designations. These legal documents should be prepared and reviewed with a qualified legal professional, separate from financial and insurance planning.
Life insurance and estate liquidity
Estates often face costs such as probate fees, taxes on certain assets, and final expenses, which may need to be paid before other assets can be distributed. A life insurance death benefit may help provide funds for these costs without requiring other assets, such as a home or business, to be sold quickly.
- May help cover final expenses and estate-related costs
- Can provide funds to beneficiaries outside of the probate process, depending on structure
- May help equalize an inheritance among heirs when assets are not easily divided
Intergenerational and family wealth transfer
Some individuals want to transfer wealth to children or grandchildren during their lifetime or through their estate, and may consider how different accounts, gifts, or insurance products fit into that goal. These decisions often intersect with tax considerations and should generally be reviewed with both a financial advisor and a qualified tax or legal professional.
Business succession as part of a legacy plan
For business owners, legacy planning often includes deciding whether the business will be sold, passed to family, or wound down, and how that decision affects both the family and any remaining business partners. Coordinating this with a buy-sell agreement or succession plan can help align business and personal legacy goals.
Charitable giving as part of an estate plan
Some individuals choose to include a gift to a charity or cause as part of their estate plan, whether through a direct bequest, a beneficiary designation, or other structures. The mechanics and potential tax implications of charitable giving vary and should be reviewed with a qualified tax or legal professional alongside your overall estate plan.
Important to know
- Estate and legal matters should be reviewed with a qualified legal professional; this content is educational and not legal advice.
- Tax implications of estate and charitable planning depend on individual circumstances and current legislation.
Last reviewed: August 30, 2026 · Reviewed by Sam Behroozian, Licensed Life Insurance & Financial Services Agent
The legacy checklist
Preserve, Plan, Transfer, Protect
Preserve
Keeping accumulated assets intact through market cycles, costs, and taxation.
Plan
Recording intentions clearly so decisions are not left to interpretation later.
Transfer
Considering how assets move, in what order, and what may become payable along the way.
Protect
Providing liquidity so an estate is not forced to sell property or a business under time pressure.
Answers
Common questions about legacy planning
Direct answers first, with the context that matters before any decision is made.
North Vancouver, BC
Discuss Your Legacy Goals.
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