To many, the creation of a financial legacy is a dream. To make that dream come through, there is the Great West Trust Company. They dedicate themselves to creating family and personal heritage. This article examines three aspects. their approaches, their background, and their relationship with clients.
What is a Financial Legacy?
Financial legacy is therefore the kind of riches that you will be leaving for generations to come. It consists of cash, goods, buildings, stocks, and others. Its purpose is to guarantee the money provision for your loved ones after you are no more.
Importance of Financial Legacies
- Security: Provides financial stability for your family.
- Values: Passes on financial knowledge and responsibility.
- Continuity: Helps maintain family traditions and support.
Overview of Great West Trust Company
Great West Trust Company is a recognized brand in the wealth management field. Provided what they are is service, it can be for individuals, families and companies. As for their aims, it is to develop individual strategies that match the specific client requirements.
Core Services
- Trust Management: Overseeing trusts to ensure they are administered correctly.
- Estate Planning: Preparing for the distribution of assets after death.
- Investment Management: Handling investments to grow wealth over time.
Building a Financial Legacy: The Process
1. Understanding Client Goals
The first step in wealth management is always making sure that you understand the goals of your client. Great West Trust Company is not limited to consultations but provides consultations beyond. They solicit the clients to determine what the client wants.
Key Questions to Consider:
- What are your financial goals?
- Who do you want to support?
- What values do you want to pass on?
2. Creating a Customized Plan
Once they comprehend the objectives, they put together a schedule. They are as follows: This plan shows how the client’s financial legacy will be realized. They are trust structures, investment strategies and estates.
3. Implementing the Plan
We then assist in planning while Great West Trust Company assists in implementation of the plan. They handle the legalities and the money matters. This is to make sure that all activities are conducted as expected by the client.
4. Ongoing Management and Support
Building a legacy cannot be a one shot affair. It needs to be sustained and maintained on the regular basis. Great West Trust Company offers consultation continually and changes the plans required occasionally. They assist the clients in managing the dynamic scenarios.
The Role of Trusts in Building Legacies
Trusts are flexible vehicles with regard to the formation of the financial structures. A trust is a legal relationship that provides for the administration of some property during a person’s life and after his or her death.
Benefits of Trusts
- Control: You can dictate how and when your assets are distributed.
- Privacy: Trusts are not public documents like wills, keeping your affairs private.
- Tax Benefits: Certain trusts can minimize estate taxes.
Types of Trusts Offered
| Type of Trust | Description |
| Revocable Trust | Can be altered or revoked during the grantor’s lifetime. |
| Irrevocable Trust | Cannot be changed once established, providing tax benefits. |
| Testamentary Trust | Created through a will and takes effect after death. |
Estate Planning: A Key Component
Another important factor involved in the creation of the legacy is estate planning. Preliminary planning for the way your assets are going to be distributed once you are deceased.
Steps in Estate Planning
- Assess Your Assets: List all your assets and their values.
- Determine Beneficiaries: Decide who will receive your assets.
- Create Legal Documents: Draft a will or trust to formalize your wishes.
- Review Regularly: Update your plan as life circumstances change.
Investment Management: Growing Your Wealth
Great West Trust Company also aims at investment management. When it comes to creating a legacy, the creation of wealth is vital for accumulation, preservation and growth.
Investment Strategies
- Diversification: Spreading investments across different asset classes to minimize risk.
- Long-term Growth: Focusing on investments that grow over time, rather than quick profits.
- Sustainable Investments: Considering environmental, social, and governance (ESG) factors.
Regular Reviews
Performance reviews are important on a consistent basis. Great West Trust Company conducts these reviews for the purpose of getting out of alignment with the preceding client objectives/expectations. That is why certain changes are made for the course to be followed and not deviated from its set path.
The Importance of Education
It is evident that education has a central role in the creation of those systems that facilitate the construction of financial legacies. The philosophy of Great West Trust Company is to equip clients with information.
Financial Literacy Programs
They offer programs and resources to help clients understand financial concepts. This includes:
- Workshops: Covering topics like budgeting and investing.
- One-on-One Sessions: Personalized advice tailored to individual needs.
Teaching Future Generations
As much as anyone would like to shape the future, part of establishing a legacy is to groom the future generation. Great West Trust Company always advises clients to engage their heirs in financial matters. This goes a long way to help develop values and knowledge about handling wealth.
FAQs
What is a trust?
A trust is a legal arrangement where a person (the trustee) holds and manages assets for the benefit of others (the beneficiaries).
How can I start building my financial legacy?
Start by identifying your financial goals and consulting with a financial advisor. They can help you create a plan tailored to your needs.
What are the benefits of working with Great West Trust Company?
They offer personalized services, expertise in trust and estate planning, and ongoing support to help you build and manage your financial legacy.
Can I change my trust once it is created?
It depends on the type of trust. Revocable trusts can be changed, while irrevocable trusts cannot.
How often should I review my estate plan?
It’s advisable to review your estate plan every few years or after significant life changes, such as marriage, divorce, or the birth of a child.
Conclusion
Establishing an enduring financial legacy is achievable when one finds the right mentor. Great West Trust Company offers consultation, professional recommendations, effective approaches and strategies, and guidance. They fulfill the financial dreams of their clients and build an everlasting wealth impact.
The caretaker actively transfers their values and wealth to the next generations through education and involvement. No matter where you’re at currently, perhaps you are just getting into your Trust and Wealth Management journey or maybe looking to fine tune and sharpen your legacy, Great West Trust Company is ready and willing to assist you every step of the way.
