You've probably heard the words "Legacy Planning," but you may not actually know what it means. Legacy Planning is a concept in Estate Planning that takes into account the passing on of your life experiences and values to the next generation. Sure, you may have amassed physical property and wealth that you wish to pass along, but what about your thoughts, memories and emotions? How can you ensure that those intangibles also make it to the next generation?
Legacy Planning is how this is done. As this article from The Trust Advisor highlights, there are many ways to ensure that these invaluable experiences and pieces of wisdom are not lost through the passage of time. Here are a few ideas:
- Keep a Journal - By maintaining a journal that you'll pass along to the next generation, you can pass on not only your life experiences but also your thoughts and insights on those experiences.
- Record a Family History - Ask a family member to interview you, or just turn on a camera and start sharing information about your family tree and your own personal history.
- Keep Well-Documented Photos - Compile an album of photos to encapsulate your life experiences and document those photos with names, dates and personal insights.
The options for preserving your legacy are endless. And while the physical property will certainly be appreciated by the next generation, it's these insights into your way of life and your manner of looking at things that your loved ones will find irreplaceable.
Before it's too late, take some time to decide how you wish to do your Legacy Planning. Our office can also assist you in developing and implementing a plan that feels right for you. While this is an often overlooked area of estate planning, generations to come will thank you for such a thoughtful and generous way to pass on your legacy!