When you are devising your estate plan, you may wonder how you can preserve your legacy. There is a more comprehensive form of estate planning called legacy planning, and there are certain steps that you can take to make sure that you leave a lasting impression. We will look at some of the things that you may want to do to preserve your legacy in this blog post.
Provide Educational Opportunities
Clearly, you can leave direct inheritances to your loved ones. However, sometimes money can do more harm than good, especially if you come into a windfall when you are not yet fully developed as a person.
When you are crafting your legacy, you could potentially provide educational opportunities to your loved ones. This is a great way to allow younger family members to reach their full potential as human beings, and you could actually extend the opportunities outside of the family if you are in a position to do so.
Give to Charitable Causes
Charitable giving can be very rewarding on a personal level, and philanthropic acts can also yield tax advantages under certain circumstances. You could be remembered long after you are gone if you create a private charitable foundation, but there are other options. Donor advised funds are often utilized by people who want to give to charities, and there are also charitable trusts that can provide benefits on multiple levels.
Compose an Ethical Will
Throughout your life, younger family members have probably come to you looking for guidance during difficult times. You cannot be around forever to provide insight, but you could leave behind your rules to live by through the creation of an ethical will.
Ethical wills stem from the Judaic tradition, and they had been utilized since biblical times. With your ethical will, you would traditionally record your moral and spiritual values. However, during modern times, there are no strict rules with regard to what you can include in your ethical will. You can share any information that you want to, and your loved ones will be able to draw from your wisdom even after you are gone.
Learn More About Legacy Planning
We have provided a handful of things to contemplate in this blog post. However, if you are interested in learning more about legacy planning, we have a great resource that you can access through this website.
Our firm has prepared an in-depth special report that will tell you everything that you need to know about legacy planning. The report is being offered free of charge, so there are no risks involved. To get your copy of the special report, click this link and follow the simple instructions: Grand Forks ND Legacy Planning.