The words ‘Legacy Planning’ were in the title of a seminar I recently attended, and because the title of my book is ‘Lifetime Legacy Planner’, I eagerly signed up. The seminar was informative and generated lots of questions from the audience, but I felt the topic covered Estate Planning and not Legacy Planning. Thus, I want to share what I feel differentiates these two subjects, and why Strategic Hourglass Solutions is focused on Legacy Planning.
The term, Legacy Planning, is increasingly being used to replace or supplement estate planning. In its basic meaning, a ‘legacy’ is a gift of money or other personal property that’s granted by the terms of …
a will. This leads some to believe legacy planning is the same as estate planning.
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. A basic estate plan would typically include the following:
- last will and testament
- revocable living trust
- power of attorney for property (finances)
- power of attorney for health care
- beneficiary designations
Legacy planning involves much more than just management of your assets. It is about the spiritual and historical aspects of your life. It includes the relationships you built, the stories you lived, the values you believed and lived by, and the assets or heirlooms you acquired to pass on to your heirs. In summary, it’s about how you want to be remembered when you no longer are able to share your life with others due to serious illness or death.
Strategic Hourglass Solutions strives to educate others about the importance of legacy planning through our speaking engagements and various available tools. Failure to plan and provide basic personal information can create stress, confusion, family conflict, and unnecessary expenses when confronted with the unexpected. Are you prepared? Have you documented your Legacy Plan? Have you considered the effects of Legacy Planning for your family?
To start the journey of documenting your legacy, our Lifetime Legacy Planner guides you through 10 important chapters designed to catalog your personal information, your assets and liabilities, the location of your important papers, the distribution of your assets, and your final wishes so they are carried out and respected at the time of your passing.