The desire to leave a legacy has an altruistic quality to it in that it is a gift to the future, the benefit of which you may never witness, nor ever feel the true extent of its appreciation by others.
However, creating your legacy does not happen overnight, and it isn’t achieved without a strategy, communication, knowledge of the rules and tools, and hard work.
Create Your Vision
You should have an end in mind before you begin. Start by reflecting on what you value and care most about. Consider your passions and the unique skills you have and think about ways to satisfy that desire to give a lasting gift.
Your career and hobbies are good places to start in terms of what you want to create and give. Be sure to ask your friends and family to weigh in. They may offer a perspective that you don’t see about yourself, and the experience is much more enriching when you welcome others into the process.
Determine Your Legacy
Think about the legacy you wish to leave and the impact you want to make. A legacy can come in many colors. It can be financial, institutional, instructional, wish-fulfilling, or simply the passing of values and life lessons.
Develop a Strategy
A legacy will not happen without a blueprint and the persistent pursuit of your objective. This is where the estate and the legacy plan overlap. A strategy for both can help you organize your efforts and keep you on the path that leads to success.
Strategies often include wills, trusts, estate plans, and knowledge of how those come together in a financial, legal, and personal way. A holistic plan will help you tie all these components and viewpoints together so that they inform each other and are airtight. A solid plan will help your legacy and estate plan come to fruition and last.
Live Your Legacy
A legacy is not only what you leave behind, but the impact you make on others while alive that they carry into the future. Be sure to live your values with your family, at work, and in your community. Nothing is more likely to survive you than the impact on the lives you touch today.
If you have questions about legacy and estate planning and the options you have to improve your estate plan, sign up for a complimentary review of your finances today.