The process of estate planning can take on varying levels of complexity. You could put a bare-bones plan in place to provide yourself and your family with basic protections, or you could go the extra mile and engage in the process of legacy planning.
Legacy planning is a more complete form of estate planning. When you consciously craft your legacy, you provide for everyone in your family in the ideal manner, and you also address matters of the heart.
There are various different ways to facilitate asset transfers. Every person in your family is unique, and the best way to provide for one person may not be ideal for the next. As a result, you should consider the life situation and personal proclivities of each person on your inheritance list.
For example, if you have a loved one who is not good at handling money, you could provide for this individual through the creation of a spendthrift trust.
People with special needs often rely on government benefit programs. You could provide for a loved one with special needs without impacting benefit eligibility if you were to create a supplemental needs trust.
These are a couple of examples, but there are other personal scenarios that can be addressed when you are devising your legacy plan.
You can carefully consider the ideal caretaker for each family heirloom that has been passed down to you. When you pass away, the torch will be carried for another generation, and these items will enrich the lives of their new owners.
Personal Memoirs & Family History
As an older person, you will have accumulated a great deal of wisdom, and you will have memories that tell tales about the history of your family. If you take the time to record your personal memoirs and the family history that you remember in writing, your loved ones will be able to learn from your formative experiences and get a better understanding of their ancestral heritage.
People that you love have probably come to you for spiritual guidance at times, and you will not always be around to provide insight. To account for this, you could include an ethical will in your legacy plan. These documents have been used for centuries to pass along moral and spiritual values.
Legacy Planning Report
We have provided a few things to think about it this brief blog post, but there is a great deal more to take into consideration when you are engaged in your legacy planning efforts. If you would like to obtain more detailed information, we have a valuable resource that you can access through this website.
Our firm has prepared a free special report on legacy planning, and you can click the following link to get your copy: Free Legacy Planning Report.
Latest posts by Stephen Unsworth (see all)
- Estate Planning for Family Owned Businesses and Farms - March 18, 2019
- What Are the Responsibilities of the Probate Court? - March 6, 2019
- Special Needs Planning and Estate Recovery - January 30, 2019