Legacy planning is a more comprehensive form of estate planning. Clearly, you are going to arrange for the transfer of your financial assets when you plan your estate. At the same time, you may want to consider some matters of the heart.
When you plan your legacy, you may want to carefully assess the family heirlooms that you have in your possession. These pieces may have monetary value, but they have sentimental and historical value that cannot be measured.
You can identify the ideal caretaker for each individual item, and each recipient can carry a piece of your family history through another generation.
Ethical wills have been used for centuries to pass along spiritual and moral values. When you share your own personal rules to live by with your loved ones, you are leaving behind a legacy of knowledge that is invaluable on multiple different levels.
You could record your family history in a number of different ways when you are creating a legacy plan.
People are always interested in their genealogy, and you would be doing your family a great service if you share what you know. It would be possible to create a family tree, and you could also recount stories about family members who helped shape the history of your lineage.
Your legacy plan could include acts of charitable giving. Some people create private foundations, and we have all heard of high-profile foundations created by very wealthy people.
However, the majority of private foundations in the United States are funded with less than $1 million.
If you do not want to start a private foundation, there are other ways to leave behind a legacy of charitable giving.
Special Report on Legacy Planning
We have scratched the surface here, but there are other things to consider when you are crafting your legacy. To learn more about legacy planning, download our free special report on the subject.
You can obtain access to the report through this link: Legacy Planning Report.
Free Southampton Legacy Planning Consultation
If you would like to discuss legacy planning with a licensed estate planning attorney, contact us through this website to request a free consultation.