If you have created a Last Will and Testament, Revocable “Living” Trust, Health Care Proxy, and Living Will, you might the mistake of thinking that you have created all of the estate planning documents necessary. The truth is, however, that there are still some potential complications that can occur involving the distribution of your estate following death. This is where legacy planning comes in.
Legacy planning refers to a financial strategy that lets a person pass assets to a loved one or family member after death. Because legacy plans are frequently complicated in nature, they often require the assistance of an experienced estate planning attorney. There are also many myths circulating about how legacy plans operate, which this article will seek to explain.
What is Legacy Planning?
Most estate plans focus solely on what assets a person will leave behind after death. Legacy planning, however, involves a more comprehensive approach and focuses on the creation of a plan for managing a person’s total wealth while alive, distributing an estate after death, and passing on a person’s legacy. These plans often include non-financial assets as well as financial assets. Through legacy plans, you can not only pass assets to loved ones and heirs but also make decisions about a family’s values as well as promote responsible behavior and community involvement.
Myth # 1: Legacy Plans are Egotistical
Some people view leaving a legacy as an egotistical thing to do and that these plans involve preserving their name and story. While this might seem like an egotistical approach, legacy planning lets you identify how to create and achieve your best self in a way that most benefits the loved ones you will leave behind after death. After your death, your legacy plan will also preserve less of who you were as a person but instead will help to preserve your various life achievements. Many people end up realizing that legacy plans are not egotistical, but instead help their loved ones and future generations to also go on to live their best lives.
Myth # 2: Legacy Plans are a Form of Control
Some people argue that legacy plans are a way of “ruling from the grave” or requiring future generations to conform to certain types of behavior. In reality, legacy plans allow loved ones to protect the assets that you leave in an intentional and purposeful way. As a result, it is better to view your legacy plan as empowering your loved ones rather than forcing them to follow certain requirements.
Myth # 3: Only Famous or Rich People Need Legacy Plans
No matter your fame or fortune, you will still have a legacy after your death. Legacy planning helps you to take control and determine exactly what will happen after your death. If you fail to create a legacy plan, you have much less control over how your assets are handled after your death.
Contact a Knowledgeable Estate Planning Attorney
If you are interested in creating a legacy plan or any other type of estate planning document, you need to make sure that your plans are successfully accomplished after your death. Fortunately, Attorney Jim A Lyon has helped numerous people create estate plans that achieve their wishes. Contact Attorney Lyon today to schedule an initial free consultation.