For most, the primary goal in life is to ensure your wealth brings joy to you and your loved ones. Happiness has been a lifelong pursuit for humanity, evolving from simple victories to more complex sources like art, relationships, and experiences. Many spend their lives accumulating wealth, but does money alone guarantee happiness? Most would agree that true happiness comes from beyond just numbers on a balance sheet.

Prioritize lasting happiness for yourself, your family, and your friends by following these three critical steps when it comes to estate planning. 

1. Identify What Brings You Happiness

Understanding Personal Joy

The first step in using your estate plan for happiness is to identify and prioritize what truly brings joy to you and your family. This requires introspection and honest reflection. Think about the moments and activities that have brought you the most joy over the years. Does hunting or fishing with family bring a smile to your face? Or perhaps it's attending live theater and musical performances?

Family and Shared Experiences

Think about the activities that not only bring you joy but could also be meaningful for your family. These experiences might include international travel, educational opportunities, or even specific vacation spots. Identifying these can guide you in making estate planning decisions that ensure these joys continue for future generations.

Making Happiness a Priority

Once you've identified these key activities and experiences, the next step is to determine how to prioritize them in your estate plan. It's not just about leaving money; it's about ensuring that your resources are used to create lasting happiness and cherished memories for your loved ones.

2. Review Your Estate Documents

Assessing Current Documents

After identifying your priorities, the next step is to review your existing estate documents. This includes life insurance policies, retirement account beneficiary designations, wills, trusts, and property deeds. Do these documents reflect your happiness priorities?

Aligning Documents with Priorities

Evaluate whether your current plans support the priorities you've identified. If the payouts and transfers align with your goals, great! If not, you may need to make adjustments. For instance, if education is a priority, ensure there are provisions to fund educational expenses for future generations.

Mitigating Risks

It's also crucial to consider the risks of your current estate plan. Would your assets be used for things that don't align with your priorities? Ensure that your plan minimizes such risks. This might involve setting up specific trusts or changing beneficiary designations to protect your assets from being squandered.

3. Make Necessary Changes

Contact Professional Advisors

If your current estate plan doesn't align with your happiness priorities, don't delay in making changes. Contact a team of professional advisors, including an attorney, CPA, and financial planner, to help you craft a plan that meets your goals. They can assist in setting aside funds for education, travel, family reunions, or other meaningful experiences.

Crafting Provisions

Work with your advisors to include specific provisions in your will or living trust. This can ensure that money is allocated for activities that bring joy, rather than material possessions that might not have the same impact. For example, you might set up a fund for family vacations or educational scholarships.

Implementing Changes

Finally, implement these changes by updating your estate documents. This could involve changing beneficiary designations on life insurance or retirement accounts, making specific arrangements to protect your assets, or setting up new trusts to manage your wealth according to your priorities.

Conclusion

Estate planning is more than just managing wealth; it's about creating a legacy of happiness and fulfillment. By identifying what brings joy to you and your family, reviewing your current documents, and making necessary changes, you can ensure that your wealth is used to create lasting, meaningful experiences.

These three steps can help you turn something as mundane as money into a source of happiness for generations to come. Don't wait—start planning today to create a joyful and fulfilling future for you and your loved ones. 

Contact Frazier Law for estate planning assistance today! Call (866) 977-4193 to get started.