When most people hear “legacy planning,” they think of wills, trusts, and tax strategies. While these components are important, they miss the true cornerstone of meaningful legacy planning: defining what matters most to you.
After three decades in financial services, I’ve seen that the most successful legacy plans begin not with financial instruments, but with reflection on values and purpose.
Legacy Is More Than Money
At Heritage Lake Advisors, we believe wealth is not about money—it’s about being in a position to do the things that matter most. True legacy planning extends beyond financial assets to encompass:
- Values and beliefs you wish to perpetuate
- Life lessons you hope to impart
- Personal stories that define your journey
- Relationships you want to nurture
- Causes and communities you wish to support
When you begin by identifying these deeper elements, the financial and legal structures naturally follow with greater purpose.
Starting the Values Conversation
The most powerful legacy planning conversations often begin with these fundamental questions:
- What principles have guided your major life decisions?
- What achievements are you most proud of, and why?
- What lessons did you learn through adversity that you wish to share?
- How would you like to be remembered?
- What impact do you hope your wealth will have on future generations?
These aren’t simple questions, and they deserve thoughtful consideration.
From Values to Action
Once you’ve clarified what matters most, we can create a legacy plan that authentically reflects these priorities. For example:
For a client who valued education: We established a family education trust with specific guidelines encouraging entrepreneurship and continued learning, rather than simply funding college degrees.
For a client passionate about conservation: We structured a charitable remainder trust that provided lifetime income while ultimately supporting regional conservation efforts, combined with family experiences that transmitted these values experientially.
Avoiding the Values Disconnect
Without this foundational work, I’ve seen well-intentioned legacy plans fall short. Technical perfection in estate documents means little if the underlying values aren’t clear. The risk is creating a “values disconnect”—where inheritance empowers heirs to live in ways contrary to the principles you hold dear.
Consider the difference between:
- Leaving substantial assets to heirs with no guidance
- Creating a legacy plan that reflects your values of responsibility, growth, and purpose
The second approach doesn’t control from the grave—rather, it communicates what matters and why, creating context for financial decisions.
The Heritage Lake Approach
At Heritage Lake Advisors, we begin with in-depth conversations about values before discussing specific planning techniques. Our process includes:
- Values discovery sessions with individuals and couples
- Family vision meetings when appropriate
- Documentation of legacy stories and wishes alongside legal documents
- Alignment of financial structures with identified values
Remember that some of your most precious legacies will never appear on a balance sheet. Consider creating an ethical will or legacy letter to accompany your legal documents, providing context and meaning that a traditional will cannot convey.
Taking the First Step
If you haven’t yet defined what matters most as the foundation of your legacy plan, I encourage you to begin that reflection today. At Heritage Lake Advisors, we consider it a privilege to help you build, manage, preserve, and transfer your wealth in a way that makes a meaningful difference—not just financially, but in alignment with what you value most.
