What Dolly Parton’s Legacy Can Teach Us About Estate Planning

Dolly Parton has spent a lifetime building a legacy through her music, her generosity and the people she has touched along the way. Recent headlines about her estate are a reminder that a legacy is also about the plans we put in place for the people and causes we care about. You don’t have to be famous to benefit from a clear, up-to-date will.

It’s hard to think of Dolly Parton without thinking of hermusic, her kindness and, of course, a little sparkle.

Since her death in August, there’s been a lot of talk abouther estate. People are curious about who will inherit her music and businesses,and recent news about a change to her estate’s security team has added to thatinterest.

Her will hasn’t beenmade public, though, so we don’t know who will receive what.

What struck me is how much of Dolly’s legacy was alreadytaking shape while she was alive. She had projects planned for the years ahead,and her Imagination Library continues to send free books to young children,including in parts of Canada. She knew what mattered to her and put people andplans in place to help it continue.

Most of us aren’t leaving behind a music catalogue or atheme park. But we all have things we care about. Maybe it’s making life alittle easier for our family, passing along something meaningful, or supportinga cause close to our hearts.

There is a useful estate planning lesson here. A will cansay who receives your assets, but it cannot answer every practical question onits own. Someone still needs to know where important documents are, whichcommitments are underway and whom to call when a decision needs to be made.

That’s why estate planning is about more than signing a will and putting it in a drawer.

• Would the person you’ve named as executor know where to find your documents?
• Do they know about the people and commitments that matter to you?
• Have you talked with your family about any wishes that might surprise them?
• Having one specified place in advance with special instructions for gifts, wishes, passwords, lists of financial investments, bank accounts, what do with my salt & pepper collection are vital.

Those conversations can feel awkward. They can also be areal gift. A little clarity now can spare the people you love from having toguess later.

Dolly’s life was one of a kind. She will be forever missed.

The reminder her story offers is simple: when you know whatmatters to you, share it now.

Then make sure your plans help carry it forward

https://www2.gov.bc.ca/gov/content/life-events/death/after-death/wills-estates

This information has been prepared by Laura Chanin who is an Investment Advisor for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor and Portfolio Manager can open accounts only in the provinces in which they are registered.

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