Preserving Legacy is an important moving piece to your estate planning.
It’s the news no one wants to hear. Uncomfortable though it may be, imagine for a moment that your doctor has just diagnosed you with a serious or debilitating medical illness, or told you that your current condition is taking a turn for the worse. For the time being, your mind and reflexes are sound, but at some point this illness will render you incapacitated. If you want to leave a legacy for your children and the world, now is the time to take action.
Along with all the other plans necessary to prepare for your pending health crisis, what could you do to preserve your legacy while you are still relatively healthy?
Record Video Messages for the Children
In the face of debilitating health, many parents opt to record messages for their children to be viewed at a later time. Doing so gives you an opportunity to tell your children how you feel about them and what you want for their lives. It also enables you to explain your values and what’s important to you, in the hope that they will carry on your legacy.
Business Succession Planning
If you own one or more companies, how can you ensure those businesses’ success when you’re no longer at the helm? If you don’t already have a succession plan in place, consider putting one in place now. Failing to do so could jeopardize your legacy down the road.
Include Your Favorite Charity in Your Estate Plan
Are you passionate about any charitable causes? If so, support those causes by including them in your estate plan. Charitable Lead Trusts and Charitable Remainder Trusts are just two instruments you may find effective both to donate to those charities and to incorporate them within your family mission.
Set Up a Foundation
For causes you want indelibly connected to your legacy, consider establishing your own foundation to support those causes. If you can, involve your children in the process. There’s no better way to “pass the torch” than to give your children an active role in the causes you value most.
Even if you have received no bad news from your doctor, don’t have to wait for a health crisis to begin preserving your legacy. For more information and ideas, consider the additional resources below. If we can be of assistance, don’t hesitate to call our offices. 501-221-7776.
Additional Legacy Planning Resources
• Podcast: “Life Planning 101”
• Entrusted: Building a Legacy that Lasts (Howell, York)
• The Legacy Family: The Definitive Guide to Creating a Successful Multigenerational Family (Hausner, Freeman)