Many people in Honolulu and across Hawaii are becoming more interested in passing along family heirlooms and history, leaving a legacy for future generations that extends beyond money.
For many Hawaii residents, keeping family history alive is the most important piece of their own legacies and family mementos are viewed as a key inheritance item.
This is why I build Family Wealth Legacy Interviews into my planning process with all of my clients, at no extra fee. I just see it as part of the planning.
Unfortunately, family mementos are one of the most common causes of conflict among heirs.
Here are some tips for helping to keep your family out of conflict over the things you (and they) love:
1. Talk
Talk to your family about who will get what when the time comes, and work out the details beforehand. Then make sure all family members are aware of the choices you have made and why.
2. Complete estate plan
Have a complete estate plan that includes a memorandum that explains the specific bequests or consider including that in a recorded audio you leave to your family so they not only hear your voice, but the stories behind the mementoes as well as your desire for who gets what and why.
3. No favorites
Don’t play favorites, but do give thought to who you designate to receive what — these are the things your family will most remember.
4. Legacy Interview
To pass along family history and your values, consider creating an ethical will or Family Wealth Legacy Interview. This can take any form – a letter, a book, a website – and is not legally binding, but instead helps you pass on the intangibles that make each family unique.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
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