People often put estate planning on the back burner, but when you start to seriously consider your own mortality, the matter can take on a very profound level of importance. Clearly, you want to take care of practical matters, but you also may take stock of your broader legacy.
If you feel as though you would like to shape the way you are remembered, you could engage in a more complete form of estate planning called legacy planning. There are various different steps that you can take to preserve your legacy, and we will look at a few of them in this blog post.
Charitable Giving
As we all know, giving to charitable causes is its own reward, but it can be especially rewarding when you are devising your legacy plan. If you are in a position to support causes and institutions that have always been meaningful to you, even after you are gone, you will always be remembered for your generosity of spirit.
There are a number of different ways that you can give something back. Some people create private foundations, and you may be surprised to hear that most of the foundations in the country are working with less than $1 million.
Charitable trusts can also be an option, and donor advised funds allow for efficient giving.
Educational Opportunities
Your legacy could potentially live on through the successes of your younger family members. If you set aside resources that can be used for educational purposes, you will be helping members of your family achieve their full potential, and this may be the greatest gift that you can give.
Family History and Meaningful Heirlooms
Elders have always been the caretakers of history. You remember things that other people have no way of knowing, and you can preserve your legacy and that of those who came before you if you take the time to record your family history.
Heirlooms can also enter the picture here. You may have objects in your possession that hold a great deal of historical and sentimental value. When you are crafting your legacy, you can carefully take stock of these heirlooms, and make sure that each item gets into the proper hands.
Ethical Will
Everyone has heard of the last will or last will and testament, which is a document that is used to state your final wishes regarding the distribution of your monetary assets.
A living will should also be part of every estate plan. With this type of will, you express your preferences with regard to the utilization of life-sustaining measures.
These are the two wills that are most commonly understood, but there is another one that has nothing to do with money that can be part of your legacy plan. The document that we are referring to is the ethical will, which dates back to biblical times.
Over the years, people that you love may have come to you seeking guidance during difficult, confusing periods of their lives. You will not be around forever to share your wisdom, but you can record your moral and spiritual values in an ethical will. Family members will be able to access these “rules to live by” even after you are gone.
Download Our Free Report to Learn More
We have provided a few basic things to think about in this blog post, but legacy planning can extend far beyond these simple suggestions. If you would like to obtain more information about the process, we have a valuable resource that is available to you, and you can access it through this website.
Our firm has prepared a series of special reports, and one of these reports is devoted to the subject of legacy planning. All of the reports are being offered free of charge right now, and you can access them here: Free Estate Planning Reports.
Schedule a Consultation!
We are here to help if you are ready to discuss your legacy with a licensed estate planning attorney. You can send us a message to request a consultation appointment, and we can be reached by phone at (585) 374-5210.
