Most estate plans focus on transferring wealth. Great legacy plans focus on transferring happiness, purpose, values, and relationships.
Research from Elizabeth Dunn and Michael Norton suggests that people derive the greatest happiness from five specific uses of money: Buy Experiences, Make It a Treat, Buy Time, Pay Now–Consume Later, and Invest in Others. The opportunity for advisors is to move beyond “Who gets the money?” and toward “What is this money meant to do?”