Creating a legacy is no easy feat. You’ve worked hard for the life you’ve built with your family, so it makes sense to plan for how you want to pass it down to future generations. You can accomplish this with legacy planning.
What is legacy planning? In this blog post, we’ll discuss what you need to know about legacy planning, including key aspects, who needs it, and how to get started.
What Is Legacy Planning?
Legacy planning is what you need to organize and prepare how assets, values, and wishes will be passed down to your heirs or beneficiaries.
It goes beyond traditional estate planning. Instead of just incorporating financial assets, legacy planning also considers the personal, charitable, and familial elements you want to leave behind.
Key Components of Legacy Planning
A legacy plan can include legal documents and other processes, such as:
Wills and Trusts
Wills and trusts can dictate how your assets will be transferred and how you wish to care for minor children or dependents. Trusts can also help you avoid the probate process.
Tax Planning
An attorney can create a strategic plan to minimize tax burdens on your heirs and maximize the assets that you’re handing down.
Personal Values and Family Legacy
A legacy plan can include letters of intent, ethical wills, or family mission statements to ensure you’re leaving behind your personal values and family traditions.
Succession Planning
Business owners can take advantage of legacy planning for the continuation or sale of their business to ensure it’s taken care of after they’ve passed.
Charitable Giving
Legacy planning might include provisions for donating to charities or establishing foundations that reflect your values and the organizations you care about.
Who Needs Legacy Planning?
Let’s take a look at who can benefit from legacy planning.
Individuals With Significant Assets
Legacy planning can help affluent individuals and families manage and protect wealth for future generations.
Business Owners
If the transition or sale of your business is important to you, legacy planning can ensure a smooth process.
Families With Dependents
You can provide care and financial security for your family and children with special needs.
Philanthropists
Your charitable goals can be met even after death with the right plan.
Everyone
Regardless of wealth and assets, a legacy plan can ensure your values and wishes are honored after you pass.
Steps to Start Legacy Planning
What is the first step in legacy planning? The process typically looks like this:
- Review your assets and goals
- Consult with financial and legal professionals
- Create a comprehensive legacy plan that meets your needs
- Update your plan regularly to reflect recent life changes
Legacy Planning Attorneys at Auld Brothers Law
Are you still thinking, “What is legacy planning, and can it actually help me?” In a nutshell, legacy planning is a similar, yet more holistic, approach to estate planning that takes your life accomplishments, values, and personal wishes into account.
Your legacy is about more than transferring assets to your heirs or beneficiaries. It’s about passing down what’s important to you for future generations.
Reach out to Auld Brothers Law today to learn more about legacy planning. We can help you assess your needs and make the best choices for you and your family.