How Legacy Planning Can Benefit You: A Quick Guide
It is never too early to start thinking about what kind of legacy you want to leave behind for future generations. Whether you have thought about it often or never considered it before, legacy planning is something everyone should do at some point in their life. It’s never too early to start thinking about legacy planning; this blog post will help you get started.
How Legacy Planning Can Benefit You: A Quick Guide
Legacy planning is the process of planning your assets and estate so that your legacy lives on after you pass on. Unlike wills, which detail the distribution of property after your death, legacy planning is about determining the legacy you leave behind.
How to Go About Planning Your Legacy
1 – Determine the Legacy You Want to Leave Behind
Before you can create a plan, you must have a vision of the legacy you want to leave behind. You should:
Thoroughly research the legacy you wish to leave behind – You need to know your vision and then find a way to solidify it into a legacy plan. You should figure out what you want your legacy to be, who should be a part of it, and why they should be.
Create your legacy plan – Your legacy plan should include your vision, values, and passions. You should be able to clearly articulate your message and pass it on to future generations.
2 – Gather Information
Legacy planning is the process of defining the future you want to leave behind and how you want to be remembered.
Brainstorm – Brainstorm your vision, values, passions, and the reasons why you wish to fulfill them.
Gather information – Just because you may not have thought about a particular topic before doesn’t mean there aren’t resources to help you out. Check out this list of very useful legacy planning resources.
3 – Decide Where You Want Your Assets to Go
It is essential to plan out how you want your estate to be distributed. It is important to realize that once your will is drafted, there will be no going back. It’s a wise decision to get your legacy plan in place before you make any financial decisions. Having a legacy plan in place will make your estate go according to your vision.
4 – Create a Will
In order for your plan to come to fruition, you will need to draft a will. A will is a legal document that details how you wish for your assets to be dispersed after your death. It is important that you have a clearly defined plan to ensure that your family’s future is secure.
5 – Determine Who Will Hold the Power Over Your Estate
It is also imperative that you decide who will hold power over your estate. Family members and close friends might be the most obvious choices to fill the roles of trustees, executors, and guardians. These people will be the ones to carry out the tasks of taking care of your estate and ensuring that you are remembered according to your wishes. You need to know who your executor will be in the unfortunate event that you pass on.
Conclusion
Getting your estate in order before life starts happening is one of the best things you can do for yourself and your family. Don’t be afraid to take the leap into legacy planning. After going through the steps and seeing your vision come to reality, you’ll be glad you did it.
Work with an estate attorney today by contacting Estate Planning Lawyers Colorado. Contact Attorney Marc Carlson for all of your estate planning needs, including wills, trusts, probate, and legacy planning.
