Estate planning is often looked upon as a purely financial endeavor, and the monetary part of the equation is certainly at the core. This being stated, there is a more comprehensive approach called legacy planning. This will cover all of your financial basis, but it can also include some meaningful gifts that are coming directly from your heart.
If you are in possession of family heirlooms that have been passed down from previous generations, the items may have significant monetary value. However, their true worth will transcend mere dollars and cents. When you are crafting your legacy plan, you can carefully consider the appropriate caretaker for each item that you have in your possession.
You have undoubtedly heard family members comment about certain heirlooms over the years, so you can use this information to help make your decisions. It is also possible to discuss the matter with the people that will be inheriting your heirlooms so that they can provide feedback with regard to their preferences.
The ideal way to approach it will depend upon your personal choices and your family dynamic. In any event, the heirlooms will live on after you are gone to continue to tell a story about family members that have departed.
Speaking of stories, as an elder, you will certainly have an interesting one inside of you waiting to come out. If you take the time to record your personal memoirs, your family members will be able to gain some insight into your formative experiences. This will help them have a deeper understanding of the person that they have come to know over the years.
In addition to the events that had an impact on you personally, you have lived through many interesting times. First person accounts of the impact of historical events on individuals who live through them can be very interesting and extraordinarily enlightening.
We have all heard of the document called a last will or last will and testament. This is a legal device that is used to state your final wishes regarding the distribution of your assets.
There are actually some other types of wills that can be utilized, and one of them is not legally binding at all. In spite of this, it can be one of the most valuable additions to your legacy plan.
The will that we are referring to is the ethical will. These documents date back to biblical times, and they stem from the Judaic tradition. With an ethical will, you share your moral and spiritual values with the loved ones that you will be leaving behind.
Over the years, family members have invariably come to you seeking advice and guidance during confusing times. You will not always be around to provide insight, but when you include an ethical will in your legacy plan, your family members will always be able to refer to it when they need some support.
Access Our Special Report
We have produced a number of special reports that cover many different important estate planning and elder law topics. One of them is dedicated to the subject of legacy planning, and you can build on the knowledge that you obtained here if you take the time to read this report.
It is being offered free of charge, and you can click this link to obtain access.
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We would be glad to gain an understanding of your situation and help you put a custom crafted estate plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 513-721-1513.
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