The differentiation cannot be strictly defined, but generally speaking, legacy planning is a more complete form of estate planning. When you consciously craft your legacy, you can shape the way that you will be remembered after you are gone in a number of different ways.While it is important to make sure that the assets that comprise an estate are transferred in the optimal manner, some of the components of a legacy plan sit outside of the monetary realm.
If you are like most people, family members have come to you over the years asking for guidance during difficult, confusing times. You cannot be around forever to share your values, and this can be quite disconcerting.People have experienced this feeling for centuries, and a response was established during biblical times in the form of the ethical will. This is a document that is used to leave behind moral and spiritual values that others can draw from after you are gone.This document is not legally binding in any way, but it can be a valuable addition to your legacy plan.Another way to share some of your innermost thoughts would be to take the time to write your personal memoirs. When people that were close to you can read about your formative experiences, they will be enriched, and they will probably see you in a more complete light.A third document that is personal in nature that could be a fantastic part of your legacy plan is an explanation of your ancestry. Websites that conduct searches of this nature are very popular, but there is no substitute for information that is conveyed by a family elder.
It all depends on your intentions and the extent of your resources. One option would be to establish a private family foundation. Contrary to popular belief, you don’t have to be a billionaire to start a foundation. In fact, the majority of foundations in the United States are funded with less than $1 million.Another possibility is the utilization of a donor advised fund. With this type of fund, you make recommendations with regard to the different charitable organizations that you would like to assist. You can potentially donate to multiple entities, but you only make one contribution into the fund.These are a couple of possibilities, but direct donations can be another option. In fact, you could enjoy the process of identifying causes and institutions that are meaningful to you in some way.
If you have family heirlooms in your possession, these treasures are truly priceless. When you are engaged in the legacy planning process, you can determine the ideal caretaker for each individual item. This can be one of the best gifts that you can possibly give.
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We have provided a little bit of food for thought on this page, and you can take your understanding of legacy planning to the next level if you read our special report. It is being offered free of charge, and you can click the following link to obtain access to this report and many others: Free Legacy Planning Report.
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