Harold was one of my closest friends and mentors, and he passed away this past July.
Harold used to say he was always just “a couple of years from retiring.” However, the truth is that he never really retired. His work in family financial planning gave him a sense of purpose and meaning. He had a great connection with everyone around him, from clients to friends and family. When Harold passed away, I not only grieved the loss of a mentor and friend of 25 years, but also found myself stepping into a much bigger responsibility.
Because Harold and I were planners, a succession plan was in place. We had continuity agreements, insurance, and structures designed to keep things moving forward. Even then, the handoff wasn’t as clean as anyone would hope. But without those plans? It could have been an utter disaster. That’s the real purpose of succession and legacy planning: it doesn’t prevent challenges, but it ensures your family, your clients, or your business isn’t left in chaos when the unexpected happens.
The Risks of Leaving It Unplanned
Too often, families avoid conversations about estate planning or updating the necessary documents. Wills go untouched for years. Beneficiaries are left blank. Financial legacy planning means being ahead of the unforeseen. It involves addressing accounts or properties that may have been improperly assigned; for one reason or another, dealing with mortality can be too overwhelming for people to handle on their own. In those cases, it’s not uncommon for assets to end up tied up in legal battles or even lost altogether. And families who should be supporting one another end up facing unnecessary stress, conflict, or financial strain.
Without a plan, things can slip through the cracks. With a plan, there’s at least a guidebook for those left behind. That difference can mean everything when emotions are already running high during tough transitional times.
Succession and Legacy Planning = Continuity
Whether it’s a financial practice, a family business, or your personal estate, planning is about continuity. It’s about ensuring the values, resources, and care you’ve built over a lifetime continue to support the people you love.
That’s why Harold’s example is so important to me, and that’s why I wanted to share his passing with the world. Even though he often joked about being a couple of years away from retirement, he knew that having a succession plan wasn’t optional; it was essential so that his clients and family would not be left in a position he would never have wanted them to be in. That preparation made it possible for me to step in and continue the work to which he devoted his life.
Succession Planning Strategies – Wouldn’t You Rather Have a Plan?
The truth is, none of us can predict when life will throw us the next curveball. However, we can control how ready we are.
Legacy and succession planning may feel like difficult conversations now, but they are one of the most meaningful gifts you can leave your family.
As a seasoned family financial planner, I’ve been the guide and liaison for many families seeking to organize their affairs so that their legacy can continue when generational changes occur.
If you’d like to discuss legacy planning, please reach out; my door is always open.
-Thank you, always, Harold. I will always treasure our friendship.
