Anyone approaching the subject of legacy planning usually focuses on their physical assets, such as real estate and heirlooms, and their financial accounts. But what about your intangible legacy? What might you do to pass on a legacy that consists of more than just structures and portfolios? Here are a few things to consider.
1. Pass on Family History.
Leave your descendants a family history they can understand and appreciate. This could be done in a variety of ways, including doing DNA or family history analyses, collecting family memorabilia, or sending heirs on trips to learn more about your shared heritage.
2. Add Your Name to Something.
A charitable legacy is one of the best ways to leave your family something to be proud of. While you leave a legacy behind with any sort of charitable contribution, the most visible and tangible occurs when your family name is left as part of the permanent record. You don't need the money to fund a new wing of a hospital, though. Sponsoring a bench or a plaque at the zoo can be just as meaningful.
3. Attach Histories to Things.
Instead of just naming who gets which assets, attach the assets' stories to the gift. Write down in as much detail as possible the origin, provenance, family stories, and meaning of some of your most cherished assets. Not only does establishing a story for heirlooms add to the sentimental value, but it also adds to the financial value.
4. Align Assets with Values.
Consider how your assets reflect and express your personal values. Passing on the family home, for instance, reflects how you value family and connection. A rental property shows you value building a sustainable passive income. However, passing on stocks in certain companies might send the wrong message about what you value. Align these before giving them to heirs.
5. Educate and Prepare Heirs.
No matter what you leave them, make sure you help heirs make good choices when assets are theirs. This may include involving them in estate planning, taking them with you to financial planning meetings, giving them experience running income-producing assets, or hiring trained professionals to work with them after you're gone.
Want more help crafting a fitting intangible legacy to go along with your tangible assets? Start by meeting with an experienced legacy planner in your state today. With their guidance, you'll find the perfect way to leave much more than just a living for your heirs.
Share18 March 2022
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