# Legacy planning

Canonical URL: https://olomon.com/financial-glossary/legacy-planning
Markdown twin: https://olomon.com/financial-glossary/legacy-planning/llms.txt
Category: Estate & Legacy Planning (https://olomon.com/financial-glossary/categories/estate-legacy-planning)
Also known as: Generational planning
Last updated: 2026-04-18

## Definition

Legacy planning is the broader practice of organizing financial, legal, and personal information so that the values, intentions, and resources of one generation can be transferred to the next with clarity. It expands estate planning to include philanthropy, family governance, business succession, digital assets, and the documentation of intent.

## Key takeaways

- Legacy planning is broader than estate planning: documents + values + structure + communication.
- It typically includes wealth transfer strategy, philanthropy, business succession, and family governance.
- Strong legacy plans have a documented “why” — not just a “who gets what.”
- Legacy planning is most effective when discussed with the next generation while the current generation is still living.

## How Olomon thinks about this

_The following section is Olomon's first-party perspective, informed by our work building a financial system of record. It is intentionally separated from the neutral definitional content above._

Olomon was built for legacy planning, not just balance-sheet tracking. Documents, intent statements, family meeting notes, advisor contacts, and the household's financial record all live together, with permissioned access for the next generation when the time is right — so legacy isn't lost in a binder no one knows how to open.

## In-depth definition

[Estate planning](https://olomon.com/financial-glossary/estate-plan) answers the legal questions: who gets what, who decides what, and how do we minimize friction. Legacy planning adds the human and operational layer: what should this wealth do, how should the family govern itself around it, what philanthropic intent should it carry, and how [will](https://olomon.com/financial-glossary/last-will-and-testament) information actually be handed off.

## Frequently asked questions

### When should legacy planning start?

As soon as there is something to transfer — which usually means as soon as you have dependents or meaningful assets. Earlier is better because plans can be refined as life and family evolve.

## Sources

1. [Getting Your Affairs in Order — NIA](https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-now) — National Institute on Aging (NIH). Cited for: Personal recordkeeping for end-of-life planning.

## Related reading from Olomon

- [Legacy Planning Made Simple](https://olomon.com/blog/legacy-planning-made-simple-ensuring-peace-of-mind-for-your-heirs)
- [5 Steps to Secure Your Family's Financial Legacy](https://olomon.com/blog/5-key-steps-to-secure-your-familys-financial-legacy)

## Related terms

- [Estate plan](https://olomon.com/financial-glossary/estate-plan)
- [Wealth transfer](https://olomon.com/financial-glossary/wealth-transfer)
- [Generational wealth](https://olomon.com/financial-glossary/generational-wealth)

## Cite this page

Olomon Editorial Team. (2026). Legacy planning. Olomon Financial Glossary. https://olomon.com/financial-glossary/legacy-planning

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