Planning to Preserve Wealth

Know the plan, plan early, and work the plan.

Peyton Farley, staff attorney with the University of Maryland's Office of General Counsel, addressed participants in the Hampton Roads Community Foundation’s “Preserving Black Wealth” event this month to discuss the importance of documenting your desired plans while living to ensure the preservation of assets for heirs, and then following through to ensure the plan is set in motion.

Farley was joined by Jennie Stephens, Executive Director of the Center for Heirs’ Property Preservation.

Such planning is not just for “rich people,” Farley said, nor is it just for “old people.” Finally, she said, even if you think your family knows your wishes, it’s better to leave them in writing with the assistance of a legal professional so there can be no question.

“There are several advantages to estate planning just for the everyday person,” Farley said, “including simply avoiding probate court and the opportunity to maintain control.”

Stephens, whose nonprofit center is based in South Carolina, talked about her efforts to help families who own land that has been passed down through generations without a will or title. This denies families access to the wealth the land holds.

“Our job is helping landowners understand the value in what they own,” Stephens said. “We are connecting our landowners with the tools that they need to generate income in hopes that it can become generational wealth.”

Here at the Foundation, we often talk about “living forever” through a bequest. These are charitable contributions that generous individuals make through their wills or estate plans. If you are ready to consider your will or estate plan, including planning for a charitable contribution, we are here to help.

To learn more about establishing your legacy of caring, visit leaveabequest.org.