Here is a brief excerpt from our legacy planning webpage:
“The best things in life aren’t things. Such a simple statement, but it holds so much meaning and intent. We know there is value in our financial assets, but more importantly, there is even greater value in our family treasures like family history, morals, beliefs and heirlooms. These treasured assets are the ones that are most often overlooked in traditional estate planning.”
In short, legacy planning isn’t all about money. This is more about family treasures that you pass down from one generation to the next.
While some people don’t think twice about legacy planning, others realize that this is a big deal. They understand the importance, both to them and the rest of their family. This is why they create a plan that will keep them feeling good about their situation while they are alive, while also handling the necessary details once they pass on.
Here is the problem with legacy planning: many people don’t understand what this means. They may have heard it in passing, but are still unsure of what it can do for them.
Below are three points of legacy planning that you need to understand:
- Not the same as estate planning. It is easy to believe that legacy planning and estate planning are one in the same, but this is not the case. As noted above, legacy planning is not based primarily on things, such as homes and cars.
Instead, this can be considered a “holistic approach to estate planning.”
- A focus on non-financial assets. What decisions can you make to protect your family’s core values? How about their community involvement?
Your legacy also includes things like your personal effects, stories, family heirlooms, and any other wisdom you have accumulated over the years.
- It takes time to create a sound legacy plan. It’s easy to believe that you can throw this together in no time, but soon enough you will realize that it is an in depth process that requires quite a bit of attention.
As you go through the estate planning process, take the time to look over your legacy plan. If you don’t yet have this in place, now is the time for a change.
How to Get Started
It is one thing to say that you are interested in legacy planning, but another thing entirely to actually get started.
If you are moving in this direction, here are three basic steps to take:
- Make a list of everything that should be housed within your legacy plan.
- Speak with a qualified legacy planning attorney.
- Review your plan regularly to ensure that it continues to suit your every need.
These three basic steps will put you on the right path to success. Even if you don’t know anything about legacy planning, you can consult with an attorney who does. This person can answer your questions, provide advice, and help you understand the benefits. Not to mention the fact that you will feel better about the process since you are not tackling it on your own.
Do you have questions about legacy planning? What about estate planning? Regardless of your situation, you may want to contact us and schedule a free consultation.
It is our goal to help anybody and everybody who wants to create a legacy plan. Once you have the knowledge, everything will begin to fall into place.