Grandparents Day, September 13, gives us an opportunity to celebrate the people who connect one generation to the next. Grandparents often pass down family stories, traditions, practical wisdom, and lessons that can only be learned through experience. In ways both big and small, they help shape how younger generations understand family, responsibility, generosity, and life itself.
That makes Grandparents Day a meaningful time to think about legacy planning. The word “legacy” often brings money or property to mind, but what we leave behind is about much more than a collection of assets. A legacy can include the values we share, the causes we support, the opportunities we create, and the conversations we have with the people we love.
Begin With What Matters Most
Legacy planning may eventually involve financial accounts and legal documents, but it can begin with a much more personal question: What do you hope the next generation remembers and carries forward?
For one grandparent, the answer may be a commitment to education. For another, it may be generosity, faith, a strong work ethic, community service, responsible money management, or the importance of caring for your family. There is no single right answer because every family has its own experiences, priorities, and stories.
Once you understand what matters most to you, your financial decision can begin to reflect those values. You may choose to contribute to a grandchild’s education, support a charity close to your heart, preserve a family property, prepare a family business for the next generation, or leave resources to loved ones in a thoughtful way.
The goal is not simply to decide who receives what. It is to make sure what you have built continues to support the people and purposes that have given your life meaning.
Put Your Wishes in Writing
Talking about your wishes is a valuable place to begin, but those conversations should be supported by the proper documentation. Depending on your needs, an estate plan may include a will, financial and medical power of attorney, healthcare directives, and possibly a trust. Beneficiary designations on retirement accounts, life insurance policies, and other financial accounts should also be reviewed because they can play an important role on how those assets are passed along.
Even a carefully prepared plan can become outdated as life changes. A marriage, divorce, the new grandchild, death in the family, move to another state, or significant change in finances may all be reasons to revisit your documents and beneficiary choices. AARP’s Smart Guide to Estate Planning provides a helpful overview of the documents and decisions your family may want to consider.
It is also important to organize your essential information and make sure someone who can be trusted knows where it can be found. Your family does not need access to every financial detail today, but the right person should know where key documents are stored and how to contact your attorney, financial professional, accountant, or insurance provider.
Share the Meaning Behind Your Decisions
Conversations about money and inheritance are not always easy, especially when families have different needs or expectations. It can be tempting to avoid the subject altogether, but silence may leave loved ones trying to understand your decision during an already difficult and emotional time.
You do not need to share every account balance or private financial detail. A conversation may be as simple as explaining the values behind your plan, identifying the people you have chosen for important responsibilities, and sharing where essential documents can be found.
As Fidelity explains in “How to Talk to Your Family About Estate Plans,” the goal does not have to be complete agreement. Your family may not understand every decision immediately, but giving them an opportunity to hear your intentions can help create greater clarity and understanding.
These conversations can be about much more than a simple estate plan. Consider sharing the experiences that chapped the way you think about your money and family. Why did you save the way you did? What financial decisions are you most grateful you made? Which mistakes taught you the most valuable lessons? What opportunities do you hope your planning will create?
These stories and experiences can give an inheritance a sense of purpose that a number on a statement could never provide.
Take care of a Few Practical Details
Legacy planning is not only about what happens after your lifetime. It also includes preparing for the possibility that you may need someone to help manage financial or healthcare decisions during your lifetime.
Review those who are named in your financial and medical powers of attorney. Are they still people you trust? Do they understand the role, and are they willing and able to serve? Having the right documents matters, but choosing the right people who are prepared for those decisions and responsibilities matters too.
You may also want to consider naming a trusted contact on eligible financial accounts. A trusted contact does not receive permission to manage your money or make transactions. Instead, your financial firm may contact that person in limited circumstances, such as difficulty reaching you or concerns about possible financial exploitation. Investor.gov’s bulletin on trusted contacts explains how this protection works and may be beneficial to review before making a decision.
These steps may seem small, but they can make it much easier for the people you trust to help if the need ever arises.
A Legacy Is Built While You Are Here
The strongest legacy plans are rarely built around finances alone. Legal and financial documents are important, but so are the conversations, stories, and examples that give those plans meaning.
This Grandparents Day, consider taking one small step. Review a beneficiary designation, locate your estate documents, make a list of important professional contacts, or begin a conversation with your family about what matters most to you.
You might also take some time to write down a family story, explain the meaning behind a tradition, or share a lesson you hope your grandchildren will remember. These things may not appear on a financial statement, but they can become some of the most valuable parts of what you leave behind.
Legacy planning is not only about preparing for what happens after you are gone. It is an opportunity to be intentional about what you share while you are here, and to help the next generation understand not only what you are leaving behind, but why.
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This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.