What is legacy planning, and why do beneficiary designations matter?

The short answer

Legacy planning is deciding what you leave behind and how, both money and values. Beneficiary designations on retirement accounts, life insurance, and annuities often override your will, so keeping them up to date is one of the simplest and most important steps. Mike describes a legacy plan as an "I love you" letter to your family.

Hear Mike discuss it

This is Legacy Planning (Ideas by Mike Ep. 9)

Reviewed by the 1.oak Financial team · Educational information, not individualized advice. Investment advisory and financial planning services offered through Advisory Alpha, LLC, a Registered Investment Advisor.

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Investment advisory and financial planning services offered through Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting, and Education services offered through Ideas by Mike, LLC, DBA 1.oak Financial. Ideas by Mike, LLC, DBA 1.oak Financial, is a separate and unaffiliated entity from Advisory Alpha, LLC. Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.