When people hear the word legacy, they may think of a financial inheritance – accounts, property, or trusts left behind for loved ones. But the most meaningful legacies are found in the stories, values, and relationships that outlive us. As clients reflect on their lives and the people who matter most, the question often shifts from “How much will I leave?” to “What will my family remember about me?” A lasting legacy reflects your values, your experiences, and your love for the people and causes that have shaped your life.
Define what “legacy” means to you.
Every family defines legacy differently. For some, it’s making certain their children and grandchildren are financially secure. For others, it’s about teaching responsibility, supporting causes that match their beliefs, or simply modeling generosity and gratitude. What values or lessons do you hope future generations carry forward? How do you want your loved ones to feel when they think of your life and your choices? Are there experiences or traditions that you want to continue? This reflection should help shape both your financial and emotional legacy and give purpose to your planning.
Use your wealth to model values.
Your financial legacy is a tool for teaching and connection. Consider involving family members in your giving and planning decisions. Invite children and grandchildren to help choose organizations for your annual donations. Use casual conversations, or even more structured family meetings, to discuss your goals, values, and hopes for the future. Create experiences that reflect your beliefs, such as volunteering together or supporting a local cause as a family. These actions help your loved ones see money not as an entitlement, but as a responsibility and an opportunity for impact.
Write a family letter or ethical will.
Unlike a traditional will, an ethical will is not a legal document. It’s a heartfelt letter that expresses your life lessons, values, and gratitude. It can include stories, family history, hopes, and words of encouragement for future generations. Many clients find that this kind of letter becomes the most treasured “inheritance” their family receives, capturing your voice, spirit, and intentions.
Structure your estate to reflect your values.
Your legacy will be expressed practically and efficiently with a well-structured estate plan. Consider using trusts to guide how and when beneficiaries receive funds, promoting responsibility and stewardship. Explore charitable giving vehicles, like Qualified Charitable Distributions or Donor-Advised Funds, to direct part of your legacy toward causes you care about. Review beneficiaries and powers of attorney annually.
Communicate while you can.
Open communication is the foundation of a peaceful and lasting legacy. Many family conflicts arise from lack of clarity, not from a lack of resources. Talk with your heirs and decision makers about your wishes before they need to act on them. Let them know why you’ve made the choices you have, what your priorities are for charitable giving or family support, and how you hope they’ll use their own resources to continue your values. These conversations foster understanding and often deepen connections in ways that go far beyond traditional planning.
A lasting legacy is something tangible and meaningful that can positively influence relationships and decisions for future generations. As you create your estate plan, take the opportunity to write down your intentions, share your stories, and bring your family into the conversation.
Disclaimer: The information above is for general educational purposes only and should not be considered financial, tax, or legal advice. Always consult with a qualified professional regarding your specific situation. You should consult with your CPA and/or attorney before implementing any estate planning, gifting, or tax-related strategy.