Leave a Legacy

It’s not every day we ask ourselves, “What is my legacy?” But once in a while, perhaps after the passing of a close relative or longtime friend, we take a moment to step back and ask ourselves this important question.

When we are young and career-focused, our mind is often on learning and earning. It is often later in life when we focus more on returning. Through this returning, we gain the opportunity to create a legacy that will outlive us and benefit the world when we are gone.

It is true that your good work and good deeds live forever in the hearts and minds of those you impact along the way. In fact, those are the things that bring greater meaning and purpose to what you do every day. When we see our professional career as more than a money-focused endeavor, we begin to grasp how we can make a difference among colleagues, family and the world around us. This brings much greater satisfaction than social status or material possessions.

The reality is that you have no control over when you will pass, but you do have some control over how your assets will be handled after death and the legacy you leave.

When you think about leaving a legacy, there is generally one of three goals you likely want to accomplish:

1. Passing on something of value to future generations;
2. Leaving something of yourself for others to remember; and
3. Creating memories of significance for your family.

Unfortunately, many people do not realize that, through the thoughtful planning of their estate, they have the potential to multiply those efforts after they are gone. This is what makes estate planning a step of such immediate importance in our lives. It gives you the choice, while you are still living, to determine the who, what, when, where and how of your estate.

It allows for substantial savings when dealing with taxes, court costs and attorneys’ fees. It also helps your family and friends avoid the burden and financial confusion that often occurs.

In many cases, it’s also possible to use some planning strategies to increase the size of the estate, while also benefiting the family members and charities you cared about during your lifetime. Admittedly, estate planning takes effort, time, courage and decision making. You can wait until tomorrow. But what if tomorrow does not come? There are many sound reasons for planning your estate today, and in doing so, you take a final shot at securing your legacy.