How Can You Leave the Legacy You Desire?
You may not see it in the greeting card section of your local drugstore, but August is “What Will Be Your Legacy Month.” So it’s a good time to think about the type of legacy you’d like to leave.
Of course, “legacy” can mean many things. In the broadest sense, your legacy is how you will be remembered by your loved ones, friends and the communities to which you belong. On a practical level, establishing your legacy means providing your family and the charitable organizations you support with the resources you’d like them to have.
And that means you may need to take the following actions: create your plans, communicate your wishes and review and update your documents.
Let’s take a quick look at all these steps:
Create your plans. You will want to work with your legal professional, and possibly your tax and financial professionals, too, to draft the plans needed to fulfill your legacy wishes. These plans may include drafting a will, living trust, health care directive, power of attorney and other documents. Ideally, you want these plans to do more than just convey where you want your money to go – you want to impart, to the next generation, a sense of the effort that went into building the wealth they receive. Without such an appreciation, your heirs may be less than rigorous in retaining the tangible legacies you’ve left them.
Communicate your wishes…
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