Estate planning attorneys often work with clients who want to leave behind a legacy. Legacy, though, is a nebulous concept that can be difficult to contextualize. Indeed, what is important for one person is unlikely to matter as much to another.
Having a comprehensive estate plan is one of the more effective ways to leave a legacy. After all, if you give money or other assets to your loved ones, they are sure to remember you. Still, according to reporting from CNBC, almost 70% of Americans do not have an estate plan.
Writing your estate plan
You undoubtedly have relatives and close friends you want to remember in your estate plan. You can cement your legacy by leaving your assets to these individuals in your will. If you expect your family to grow, however, it may be wise to establish a trust for future generations to access.
Exploring all available options
After you have provided for your loved ones in your estate plan, you might want to branch out a bit. Thinking about your ideals and values can be helpful. For example, you might want to use your estate plan to benefit your alma mater, a worthwhile charity or even a local park. Really, the sky is the limit when it comes to using your estate plan to make the world a better place.
Preparing a comprehensive estate plan allows you to contemplate what is truly important to you. Ultimately, as long as your wealth benefits something or someone you value, you are sure to have a meaningful legacy.