Legacy planning may be more a more accurate term than estate planning.
Legacy.
Everyone has one.
Unfortunately, not everyone leaves a good one when they die.
You want to make a difference.
You have been intentional in how you have lived your life.
According to a recent Forbes article titled “Three Common Misconceptions About Legacy Planning,” you can also leave a legacy after you die.
How?
Through your estate planning.
Not that your estate planning alone will enable you to leave a lasting and meaningful legacy, but it can help.
Does "legacy" planning make you feel just a bit egotistical?
I get it, but it really should not.
Legacy planning does not have to be all about you.
It is about making specific choices to make a difference while you live and after you die.
Are you concerned about seeming too controlling in your estate planning?
Again, I get it, but it need not be that off-putting.
Why?
You built your wealth and lived by certain values along the way.
Giving specific guidelines and instructions in your planning will empower those you leave behind to take up the torch and continue the good work you began.
In short, you are teaching others to be good stewards of their lives and material assets.
Perhaps legacy planning does interest you, but you do not believe you have enough material wealth to engage in it.
Do not sell yourself short.
You have lived and therefore you have a legacy.
By planning and setting goals for your life and death, you can leave a better legacy than those who never consider their actions.
Like an estate plan, a legacy plan should not be undertaken alone.
Work with an experienced estate planning attorney to identify and reach your goals.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Forbes (November 15, 2017) “Three Common Misconceptions About Legacy Planning”
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