Legacy Planning Beyond Money: A Guide for Washington State Public Employees

As a Washington State public employee approaching retirement, you've likely spent years carefully saving through your DRS pension plan, a DCP account, and Social Security. But have you thought about your complete legacy? More than just financial assets, your legacy includes your values, wishes, and the meaningful impact you'll leave behind.
Many pre-retirees focus exclusively on money when planning for their future. However, a truly comprehensive legacy plan addresses both financial security and personal values. This approach ensures your life's work and wisdom continue to benefit your loved ones long after you're gone.
Core Principles of Comprehensive Legacy Planning
Creating a meaningful legacy requires attention to several key principles:

1. Documentation matters: Having proper legal documents in place can save your family significant stress, time, and money¹
2. Values transcend valuables: Research shows that inheritors often value personal items with emotional significance more highly than financial assets²
3. Washington State considerations are unique: Our state's laws regarding estate taxes and probate differ significantly from federal regulations³
4. Communication prevents conflicts: Family disputes over inheritances are reduced by 65% when plans are clearly communicated before they're needed⁴
5. Digital assets require special attention: Washington's Uniform Fiduciary Access to Digital Assets Act provides a framework for handling your online accounts⁵

Let's explore a practical, step-by-step approach to creating a legacy plan that truly reflects your life and values.
Your 5-Step Strategy for Comprehensive Legacy Planning
Step 1: Create Essential Legal Documents
The foundation of any legacy plan is proper documentation. As a Washington State employee, you'll need:

• A will or living trust that clearly states how you want your assets distributed
• Durable powers of attorney for financial and healthcare decisions
• Advanced healthcare directive (living will)
• Beneficiary designation forms for your DRS pension, DCP account, and other retirement assets

These documents ensure your wishes are legally binding. Without them, Washington State intestacy laws will determine what happens to your assets, which may not align with your intentions.
Step 2: Organize Your Financial Records
Make it easy for your loved ones to manage your affairs by creating a complete inventory of:

• Your DRS pension information and estimated benefit amounts
• Bank accounts, investment accounts, and insurance policies
• Property deeds, vehicle titles, and other ownership documents
• Debts and ongoing financial obligations
• Contact information for your financial advisor, attorney, and tax professional

Step 3: Plan for Personal Possessions with Emotional Value
Often, the items that cause the most conflict in families aren't the valuable ones, but those with emotional significance. Address these specifically by:

• Creating a personal property memorandum listing who should receive specific items
• Documenting the stories behind meaningful possessions
• Considering early gifting of items you no longer need

Step 4: Share Your Values and Wisdom
Beyond physical assets, your legacy includes your values, stories, and life lessons. Consider:

• Writing ethical wills or legacy letters sharing your values and hopes for future generations
• Recording video or audio messages for loved ones
• Creating a family history or memoir
• Establishing guidelines for any charitable giving you wish to continue after you're gone

Step 5: Plan for Digital Assets and Online Accounts
Your digital life is part of your legacy too. Make provisions for:

• Email and social media accounts
• Digital photos and videos
• Online financial accounts
• Subscription services
• Websites or blogs you maintain

Under Washington's digital assets law, you need to give explicit permission for your executor to access these accounts.
Case Study: A Washington State Employee's Comprehensive Legacy Plan
Tom, a 63-year-old engineer with the Washington State Department of Transportation, created a legacy plan that went far beyond money. Here's how he approached it:
First, Tom worked with an attorney to create essential legal documents, including a will, powers of attorney, and healthcare directive. He also updated beneficiary designations on his DRS pension, naming his wife as primary beneficiary with a 100% survivor benefit.
Next, he inventoried his assets: a home in Vancouver worth $450,000, his DRS pension ($5,300/month), DCP account ($500,000), and personal property. He created a spreadsheet with account numbers and contacts for his financial advisor and attorney.
For personal items, Tom created a memorandum listing who should receive specific items, including his collection of engineering books to a younger colleague and his grandfather's pocket watch to his son.
To share his values, Tom wrote letters to his children and grandchildren explaining his life philosophy and hopes for their futures. He also established a $50,000 donor-advised fund focused on engineering education, reflecting his professional values.
Finally, Tom created a document with login information for his digital accounts and instructions for handling his extensive digital photo collection and online subscriptions.
Your Action Plan for Creating Your Legacy

1. Schedule a legal consultation: Meet with an estate planning attorney familiar with Washington State laws and DRS benefits
2. Create a comprehensive inventory: List all financial accounts, physical assets, and digital property
3. Document your wishes for personal items: Create a memorandum of who should receive specific possessions
4. Share your values: Write letters, record videos, or create other ways to share your wisdom
5. Communicate your plans: Have conversations with loved ones about your wishes to prevent future confusion

Remember that legacy planning is a personal process that should reflect your unique situation and values. What works perfectly for your colleague might not be the optimal approach for you. Consider working with professionals who understand both Washington State laws and DRS benefits to create a plan that truly reflects your wishes.
Sources and Resources

1. Washington State Bar Association - Estate Planning
2. Journal of Financial Planning - "Beyond the Dollar: The Meaning of Inheritance"
3. Washington State Department of Revenue - Estate Tax
4. BMO Wealth Institute - "The family conversation you should not avoid"
5. Washington State Legislature - Uniform Fiduciary Access to Digital Assets Act
6. Washington State Department of Retirement Systems - Retirement Planning Checklist​

-Seth Deal