When we hear the word legacy, many of us think of money left to people and institutions that have come to mean the most to us over the course of our lives. But your legacy is much more than that. Legacy Estate Planning includes your memories, values, wisdom, family history, and more—things that don’t necessarily have monetary value. So how can you ensure these cherished aspects are passed on to future generations?
Start by documenting your stories. Consider writing them down or creating a recording of yourself sharing memories about your parents, grandparents, and other relatives. Go beyond facts like where they lived or what they did for a living. Share their personalities, what they valued most in life, and the principles they lived by.
Take the same approach when sharing your own story. Reflect on the reasons behind key decisions, lessons learned from mistakes, successes achieved, and what you might have done differently. Pair these reflections with photos, which can add depth to your narrative. Consider organizing these memories in a family storybook or even creating a website where stories and photos can be shared and expanded by other family members.
Next, consider the sentimental items in your life—things that may not have great monetary value but are rich with meaning, like an old watch from an uncle or a rocking chair that belonged to your mother. Family disputes often arise over these items. To prevent misunderstandings, specify in your will which family members should inherit these meaningful objects. For items that haven’t been claimed, consider drafting an estate planning letter to explain their significance and designate heirs.
What about your values? Is there a way to ensure they are carried forward? Tools like Incentive Trusts can help. These allow you to encourage specific behaviors or accomplishments in future generations. For example, your trust could reward children for graduating from college, pursuing a particular career path, buying a home, or engaging in charitable work.
Ultimately, you may be surprised by how much your non-material legacy—your values, wisdom, and family history—means to your loved ones. These intangible treasures often hold greater importance than material possessions.
Let Duncan Legal, PC Help You Protect Your Legacy
At Duncan Legal, PC, we understand that your legacy is about more than just money. Our team is here to guide you in preserving your stories, safeguarding sentimental items, and using tools like Incentive Trusts to ensure your values live on for generations to come.
Contact us today at (303) 394-2358 or visit www.duncanlegal.com to schedule a consultation. Let us help you create a comprehensive legacy estate planning for you that reflects everything you want to leave behind.
