I know many estate planning attorneys who will sell their services by telling potential clients that they want to “Leave a Legacy” or “Preserve a Legacy” for their descendants.  I understand what these attorneys are saying, but I sometimes question if it is really a “legacy” that is being left in an estate plan.  A person’s legacy doesn’t always need to be reduced to just the assets that you leave to your descendant when you pass on.  A legacy can mean so much more than just just the assets or the things you leave behind, even if those assets have great significance or are valuable.  Your legacy can mean so much more.  What you have taught your children, how you have made the world a better place, and how those you loved act after you are gone are all vital parts of your legacy.  An estate plan is likely not the place to try and create those parts of your legacy, as you have been creating that type of legacy your whole life.  Certainly your estate plan can be a part of what you created, and can help carry on what you value most, but an estate plan itself doesn’t create the legacy that you did.

 

What Is Most Important to You?

When you think about what you want people to remember about you after the end of your life, you want to think about what was most important to you while you were alive.

For many people, including me, my first answer is my family.  I strive to teach my children to be good people, to contribute to the world, and to strive to make the world a better place.  I want my family to remember that they were the most important thing to me, and that I did everything I could for them.  I know most people I meet are the same way.  I like to believe I have been somewhat successful in this endeavor, as evidenced by the things my children do.

My oldest daughter volunteers at a facility that helps troubled youth who have a variety of mental issues or disorders.  She befriended a resident at the facility who seems to lack the emotional capacity to interact with others in a positive way or know how to relate to other people.  The treatment center rewards him for showing some sort of compassion or connection by allowing him to pick a prize, like a toy or candy, if he has a positive interaction with other residents and relates to them in a way that shows understanding or compassion.  He had a great day several weeks ago, and earned some sort of candy as a reward.  My daughter happened to ask him what the candy was called and what it tasted like the day after he got the candy.  The resident told him the name of the candy and offered to let her try some to understand the taste.  The staff of the facility had never seen the resident share anything, or even grasp the concept of sharing before.  I know that my daughter is a caring, compassionate, and wonderful individual, but it was quite amazing to hear that type of story – of her reaching someone who seemed beyond the capability of responding to such positive qualities.  I would like to think I had something to do with teaching her how to treat people properly, but mostly I know she is a wonderful young woman who displays the type of qualities I wanted to teach her, and has surpassed the level I have achieved treating people the right way.

I want my legacy to be that my children are wonderful people who make the world a better place, and I think most people share that desire with me.  My middle daughter is known for being the person her classmates in high school and teammates on her volleyball team will go to with concerns or problems.  She listens well, helps her friends to understand the problem, and even sometimes is able to give them a solution or point them in the right direction to solve their problem.  These two just make me look good, even though I don’t do everything right.  My son even won an award for being “Mr. Manners” (a pretty cool award for a pre-teen boy!) at the end of his school year two years ago, so three for three, my kids are amazing.  While I know I had a part in teaching my children to act as they should, I know they are mostly responsible for carrying out these amazing things.

When I think of legacy, that is how I want to be remembered…that my wife and I raised three children that are making the world a better place.  I hope I am correct that you want to be remembered in a similar way.

 

Yes, Your Assets Are Also Part of Your Legacy

Of course, your children and your family are not the only thing you leave behind.  I have clients who have worked their entire lives to build up assets of great wealth, or of great worth, which are not always the same.  People who have great wealth often want to pass that on, but sometimes an asset of great worth is even more important.  I have a client who owns a cabin in the mountains.  The cabin is not worth millions of dollars, but it is much more modest.  However, the cabin is where the client and his children spent many summer vacation and fun filled nights.  The cabin is something the client wants to leave to his children, so that the children and grandchildren can make the same types of memories that he did in the cabin.  The cabin will require maintenance and upkeep, so we set up an estate plan with provisions for a trust to hold money and to fund the maintenance and upkeep of the cabin, allowing this asset of great worth to be preserved in the family.  That way, his family could enjoy the cabin after he was gone, but not need to come up with a whole bunch of money to maintain the cabin out of the children’s own funds. 💡 Certainly the cabin does not represent great wealth, but is of great worth. The great worth is again related to his family rather than the monetary value, but that is a huge part of a legacy.

 

You Estate Plan Can Help Enhance Your Legacy

In setting up your estate plan, you want to reflect your legacy.  If you have been generous with your time and money during your life, you can continue that in your estate plan by passing on assets to your descendants.  A properly set up estate plan can give your descendants a lasting memory of you and how you want to be remembered.  It is far better to have your estate plan set up properly, so your family can remember you fondly than to not plan at all.  Without a plan, your family is left trying to figure everything out on their own, and that can be time consuming, annoying, and even foster disharmony in your family.  Almost everyone I know wants their family to be happy, not fight, and your estate plan can help keep your family as happy as possible after you are gone.  You probably don’t want your legacy tarnished by the last thing people remember about you is the unpleasantness of leaving this world without an estate plan and having your family deal with that unpleasant situation.

Your Life Is Your Legacy – Let Your Legacy Be What You Wanted

When you pass on, people will remember what you did during your life.  You can leave behind what you taught your children, of your own memories in a journal, or whatever you would like to leave behind.  Your estate plan is a small part of that, but setting up your estate plan that reflects your life’s most important parts will only enhance your legacy.  Live like you want to be remembered, and your legacy will endure, schedule a call with me using the link below.