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However, this general approach can overlook the importance of passing on your intangible assets, such as values, lessons, and opportunities. Purposeful estate planning should therefore also consider how to leverage your assets to encourage positive behaviors and values in your heirs.

What you should know: Trust-based estate plans allow you to set specific conditions for asset distribution, such as age milestones, academic achievements, or even income levels, and can also include provisions to prevent certain behaviors or legal disputes.

On a personal note, this is a method of estate planning I utilize in my own family, as it helps enhance financial responsibility amongst my children and incorporates our family’s values.