When you are undertaking any type of endeavor, you can cover the bare minimum, or you can go the extra mile and act in a more comprehensive way. This dynamic enters the process of estate planning. You could put a very basic estate plan in place that would be better than nothing, or you could alternately engage in a process called legacy planning.
A basic estate plan would typically include a last will, and those who want to cover the basics will also create some essential incapacity planning documents like a living will and a durable power of attorney for health care.
The above strategy could provide basic protections, but many people take a broader, more comprehensive approach, as they engage in legacy planning. When you plan your legacy, you consciously shape the way that you will be remembered after you pass away.
A legacy plan could include acts of charitable giving. When you give to worthy causes, you leave a lasting impression, and you will be remembered for your generous nature. There are those who create charitable foundations, and charitable trusts can also be useful for many individuals. Donor advised funds are another option if you want to support charitable causes.
Family History
There is also the matter of family history. As you get older, you become the only form of access to family history that younger family members have. You can record this history when you craft your legacy so that family members can draw from it after you are gone.
Heirlooms are also important when it comes to family history. The heirlooms that you have in your possession are historical artifacts, you can be very selective with regard to the way that you pass these along.
Moral and Spiritual Values
Family members may have approached you over the years when they were looking for guidance. Though you will not always be around in the flesh to provide it, you can leave behind an ethical will. With this type of will, you share your moral and spiritual values.
Learn More About Legacy Planning
In this blog post we have given you a general idea of the difference between basic estate planning and legacy planning. If you would like to learn more about the process, we invite you to download our special report.
This comprehensive, in-depth report will provide you with a great deal of useful information about legacy planning, and it is being offered free of charge at the present time.
To obtain your copy of the report, visit this page and follow the simple instructions: Free Special Report.
To Schedule a Free Consultation
If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney: www.collinslawgroup.com/seminars/
- Living Trust Protections for African Americans Against Medi-Cal Recovery - October 13, 2020
- Don’t Let the State Take Your Child’s Inheritance Just Because They’ve Gone to Jail - October 13, 2020
- Why African Americans Must Protect their Homes - October 13, 2020
