It is possible to take a legacy-conscious approach when you are developing your estate plan. There are certain things that you can do to shape the way that you will be remembered after you are gone, and we will take a look at some of them in this post.
Some people are in possession of family heirlooms that have significant monetary value, and they may have other items that have strictly sentimental value.
In a lot of cases, valuable heirlooms will be liquidated during the estate administration process. When this scenario unfolds, family members lose something that is very precious.
If you have items that tell a story about your family, you may want to carefully consider the ideal caretaker for each item. People that are close to you have probably shown an interest in your heirlooms, and short of this, you know the types of things that all of your loved ones gravitate toward.
This can be a very meaningful endeavor, and in fact, you may want to give heirlooms as gifts before you pass away so you can enjoy special moments with the respective recipients.
Memoirs and Family History
When you reach an advanced age, you are going to have information about family members that are long gone. The memories can die with you, or you can take the time to record your family history.
Many people become very interested in their roots, and this accounting would be an invaluable resource.
In addition to this historical record, you may want to consider writing your memoirs. If you make your personal formative experiences available to your loved ones, they will invariably see you in a more complete light.
Everyone has heard of the simple will that can be used to facilitate asset transfers, and most people know that you can use a living will to record your life-support preferences. An ethical will is another type of will that has nothing to do with financial or medical matters, and it is not legally binding.
At the same time, it can be one of the most profound additions to your estate plan. Since biblical times, people have been sharing their moral and spiritual values in these documents.
More recently, end-of-life experts have been recommending ethical wills to express any feelings that you want to share. In essence, an ethical will is a parting letter to your family.
If you are in a position to do so, your legacy plan can include acts of charitable giving. You could give directly to worthwhile causes, and as an alternative, you could utilize donor advised funds. With these funds, you make a single contribution and the resources can be used to support multiple different charities.
We have all heard of family foundations that bear the names of some of the most wealthy, high profile families in the world. This can lead you to the belief that you have to be a billionaire to establish a foundation. In fact, most of the private foundations in the United States are funded with less than $1 million.
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As you can see, there are many different steps that you can take when you are crafting your legacy. The right way to proceed will depend upon your personal preferences, your family dynamic, and the nature of your monetary resources.
This is why personalized attention is so very important, and that’s exactly what you will receive when you choose our firm.
If you are ready to set up a consultation appointment, we can be reached by phone at 531-721-1513. There is also a contact form on this website you can use to send us a message. If you reach out electronically, you can expect to receive a prompt response.