Custodial

You may not have thought of it in this way before, but if the asset is not something you will use during your lifetime (for “consumption” or bucket 1), even in the worst case scenario (bucket 2); then these assets are really for someone or something else. These assets are those that are in your “custodial” or “legacy” bucket.
The trick is once you understand and have identified those specific assets that are in this third bucket, and who they’re for (it could be kids, grandkids and/or charity), and possibly even what form you’d like them to have it in; if you can then take that asset and reposition it, or move it around and call it something else so it’s worth more in the hands of whoever it’s meant for… that’s the essence of wealth transfer planning.