5 Ways to Have a Lasting Legacy
“I’d like to make a difference...I want to make life easier, For all the ones I meet...Let someone, somewhere think or say, You made a difference to me.”
Everyday is an opportunity to contribute to your legacy.
Establishing a legacy plan will leave a lasting impression for your family.
Did you know that having an estate plan is just part one of your legacy? A legacy plan is a definitive plan to manage your wealth while you are alive. Your estate plan consists of your last will and testament, revocable “living” trust, Healthcare Directive and Durable Power of Attorney.
If you already have those documents in place, great read on!
If you have not gotten around to it yet, it is not too late, read on!
It takes a team
Leaving a legacy for your family takes being proactive and having a legacy planning team. Although, who is on your team will ultimately depend on the needs of your family. The three core professionals necessary are legal, tax, and financial planning. It will take the skill set of an attorney, accountant, and wealth advisor to bring to fruition the dreams you have for your family, especially if considering trust planning.
Make it personal
Sharing and leaving life lessons are important to a great number of us. It can be done in many ways, such as, letters to loved ones that include advice on life experiences or a video with words of encouragement and expressions of gratitude. Sharing your family heritage through your estate plan can be incorporated in countless ways. Be creative.
Charity
For most, charitable giving is a way of life. Giving to an institution that has brought meaning to your life and the lives of others brings emotional benefits and offers help to the organizations that are cherished. Through your estate plan charitable giving can be a priority and you can give assets, funds, or even create a trust. Remember, it is your estate plan and you decide on the framework.
Educate the next generation
Did you know that 70% of wealthy families are no longer wealthy by the second generation? Those that have the ability to leave an inheritance would like for it to have a positive impact for the future. So how do you do that?
First, talk to your children about money and planning. Explain how plans today can make for a brighter tomorrow.
Second, help them make decisions for themselves. Using effective planning techniques such as, rewards and accountability can bring power to the next generation.
Third, share that you have made an estate plan for the family. Give an explanation of what was important to you as you worked through the estate planning process. Your children could benefit from your knowledge and experience. They may even come away with understanding the benefit of having a will and trust by the time they have their own family.
Have a legacy mindset
Establish the set of attitudes you want your heirs to inherit. Estate planning does not have to always be about money. You can leave behind the legacy of love, respect, or dreams you have for your family.
Fundamentals to consider are:
Be an example - Express through action and model the standards that are important. If it is important to you, show it through behavior and follow through. Write your will or create a trust for your family. You will be remembered for that.
Staying Positive - Education is key to staying positive. When you know better you do better. Moulden Law encourages education. We find that an educated client can be more hopeful and productive in their planning.
Be Proactive - It can not be said enough, “why put off tomorrow what you can do today?”
What are you going to implement first?
Let it be said, you made a difference by establishing an estate plan and sharing what is most important with those you love.
How can Moulden Law help you?
It all starts with a conversation. Schedule your Free Consult today.
If you would like to dig into the topics above a little deeper, check out our eNewsletter.
