Don’t Just Leave Money, Leave a Legacy

When it comes to estate planning, most people ask, “How much should I leave to my kids?”

But what we should be asking is, “What values am I passing down with that money?”

In this episode, I sat down with one of the most respected estate attorneys I’ve worked with over the past two decades Andrew Howell. And let me tell you, this wasn’t just a legal conversation.

It was about legacy.

The Real Danger of Inheritance

We’ve all heard the horror stories kids blowing through inheritances, siblings in legal fights, or young adults completely losing direction in life after receiving a windfall they weren’t emotionally or mentally prepared for.

Andrew and I call it the “Trustafarian Trap.” It’s when well-meaning parents pass on wealth… but unintentionally rob their children of purpose, direction, and even relationships in the process.

This is where traditional estate planning gets it wrong. Most legal documents focus on assets, tax strategies, and technical structures. But they ignore what made that wealth possible in the first place: your values, your vision, and the stewardship mindset you developed over a lifetime.

What You Should Do Instead

Here’s what we believe: the estate plan should reflect the family’s identity, not just divide its money.

Andrew shared three essential expectations every family member should understand:

• What can I expect from being part of this family?

• What can I not expect?

• What is expected of me as a contributing member?

When you answer those questions clearly and embed them into your trust, your communication, and your culture you stop raising entitled heirs… and start building empowered stewards.

The Power of Core Values

One of the most impactful parts of our conversation was the importance of core values.

Andrew helps families identify the top 5 values they want to live by and pass on.

Why? Because values drive decision-making. Values guide relationships. Values outlive money.

And when the family knows what it stands for whether it’s integrity, entrepreneurship, generosity, or education those values become the blueprint for how wealth is used, not just how it’s distributed.

Family Governance: Treat It Like a Business

Successful families treat their legacy the way a successful CEO treats their business. They set up systems, roles, and accountability.

Andrew explained how the world’s wealthiest families (like the Rothschilds) have succeeded not just because of their bank accounts, but because they structured their estates like enterprises with purpose, planning, and long-term thinking.

That includes:

• Having a board of trustees to guide future generations

• Creating a “family bank” to fund responsible entrepreneurship

• Designing trusts that incentivize behavior, not just distribute cash

It’s Not About Control It’s About Clarity

One of the biggest myths is that estate planning should dictate every detail. But that kind of rigid control often backfires.

Instead, Andrew recommends focusing on principles, not preferences.

Don’t force every child into college just because you think that’s the best path. Instead, reward self-sufficiency, contribution, and accountability however your kids choose to pursue them.

Life Insurance Is Not the Plan It Funds the Plan

We also tackled a common misunderstanding around the term “family bank.”

A lot of people think that means a whole life policy or some fancy insurance strategy. And while life insurance is a powerful tool (and one I personally use), it’s just that a tool.

The real “bank” is the system you build around your estate the governance, expectations, and access you create for future generations. Insurance simply funds the mission.

Final Thoughts: Create a Legacy with Intention

At the end of the day, here’s the truth:

If you don’t define your family’s values and legacy, the world will do it for you.

And that’s a dangerous gamble.

You’ve worked hard to create something meaningful. Don’t let it unravel in a single generation. Start thinking beyond money. Start thinking about identity, stewardship, and impact.

Whether you’re worth $500K or $50M, your legacy matters.

Let’s make it count.