Ten Steps to Leaving a Lasting Legacy
Legacy planning goes beyond simply naming beneficiaries for the material things you leave behind. It includes documenting your wishes, consistent with your values, with your loved ones in mind. Start by identifying your wishes and speaking with family members to clarify your goals, hopes, and vision.
Here are ten steps you can take now to ensure your wishes are honored while you're living and that you leave behind the legacy you desire.
Document Your Wishes
Start by thinking about and recording your wishes in writing, including your preferences for medical care, living arrangements, and end-of-life decisions.
Planning Your Asset Distribution
What specific assets do you wish to leave to beneficiaries or charitable organizations? Are there particular assets you want to pass on to specific individuals? Making these decisions now – and communicating them – may prevent family conflicts later.
Protecting Your Wishes
It is important to protect your wishes and make decisions for yourself while you're still alive. Sudden incapacity can happen anytime, and it can be difficult for your family if they need to make decisions on your behalf. Having certain documents in place, like a living will or advance directives, health care power of attorney, HIPAA release form, and a do not resuscitate (DNR) order if desired, can make the process much easier for your loved ones.
Establish a Will or Estate Plan
Create a will or estate plan to document your wishes for asset distribution. This will help support the smooth transfer of assets and property to your beneficiaries and avoid potential delays. Consider creating a will or trust, durable financial power of attorney, or guardianship for your kids/grandkids (if not already included in a trust or will).
Designate Beneficiaries
Designate beneficiaries for certain assets, such as bank accounts, retirement funds, and life insurance policies. These assets avoid probate if they are titled in a way that allows them to pass directly to an identified person upon death.
Create a Legacy Letter
Create a legacy letter or ethical will. These personal letters allow you to share your values, experiences, and life lessons with your loved ones.
Establish a Legacy Fund
A legacy fund is a charitable fund that targets your areas of interest or specific nonprofit organizations you would like to benefit. A legacy fund helps ensure that your philanthropic intentions live on in the future.
Organize Financial Records
Organize your records and financial documents. Keep a list of all your financial assets, including bank accounts, investments, and insurance policies. This will make it easier for your loved ones to manage your finances. Additionally, inform your family about your medications, friends' contact information, insurance agent, passwords, and any other important information they may need.
Communicate Your Plans
Communicate your plans and desires with your family and close friends. This can prevent confusion and conflicts in the future.
Regularly Review Your Documents
Review your documents and records regularly. Your wishes and circumstances may change over time (e.g., due to divorce, new births, etc.). Regular reviews enable you to ensure your documents are updated to reflect these changes.
Your legacy is as unique as you are. Planning for the future now helps ensure your lasting legacy resonates with the people and causes you hold dear.
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