Transference of merit is an essential practice of Mahayana Buddhism: whenever we perform virtuous actions, we dedicate the merit to universal liberation. We are not, however, the first to do so —countless previous Buddhas and Bodhisattvas have dedicated their merit to our happiness, our liberation.
We are liberated immediately from the cycle of birth and death when we accept the grace of the Buddhas and Bodhisattvas who have dedicated their accumulated merit to us, and we are enlightened by accumulating wisdom and compassion for the benefit of others.
om amideva hrih om mani peme hum