Leaving a Legacy for your Children & Grandchildren

You’ve accumulated substantial assets, and you want to leave a legacy for your children or grandchildren. Before doing so, there are a number of important factors to consider. How much is enough? How old should they be when they receive it? SageSpring Wealth Partners has listed a few helpful tips below:

Creating a Trust

By definition, a trust is a relationship where ownership of assets is transferred to a trustee, which can be an individual or an entity, often a bank. The trustee is obligated to manage the trust assets for the benefit of the beneficiaries, who, in many cases, are children, grandchildren, or other family members of the grantor.

A will is a legal document that spells out how you want your affairs handled and assets distributed after you die. A trust is a fiduciary arrangement whereby a grantor (also called a trustor) gives a trustee the right to hold and manage assets for the benefit of a specific purpose or person.

Trusts and wills often get confused, so it’s important to understand what each is. A will is a legal document that spells out the details of how you would like your assets distributed after you die. Everyone should have an up-to-date will in place. A trust is a fiduciary arrangement where assets are held and managed for a specific purpose (such as a charity) or person(s). Since you no longer own the assets, trust holdings are not typically subject to probate, which is the legal settling of the estate and can be a lengthy process or considered part of the estate for estate tax purposes.

Setting Provisions

Once a trust is made, something important to consider is if you should or should not be setting provisions. Obviously, you can’t control what the beneficiary does with the money you leave them, but you can determine at what age they can gain access to it. In many states, your beneficiary is not eligible to access a trust until they are 18.

Some other options are setting the age you feel comfortable with, or if it’s specifically for grandchildren, giving control of the trust to their parents or guardian until they feel they are of age to responsibly use it. This way you can help ensure that the inheritance is used appropriately and at appropriate times in their adult lives. Trusts are state regulated, so you should check the regulations of the state in which you live.

Talk With Your Financial Advisor

If you haven’t already, schedule an appointment with your financial advisor at SageSpring Wealth Partners to go over your current plan. It is an important exercise to break down your current level of financial confidence. Once you do that, you can determine a measuring stick of where you need to be to live a comfortable life and leave wealth as a part of your legacy.

While planning for what happens with your assets after your death can be a difficult concept to think about, a trusted financial advisor can help you navigate uncertain waters with confidence. SageSpring takes an informative, educational approach to financial advising.

We know that if we arm our clients with enough information about their financial options, they will be able to determine the financial choices that are right for them. If you’re facing life changes in the next few months, make an appointment to meet with a financial advisor at SageSpring today.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.