Memorial Day brings an opportunity to reflect on the concepts of mortality, remembrance, and legacy. As we remember the brave men and women who lost their lives serving in the military, may this day also inspire you to think about the legacy you wish to leave behind. But, first, what is a legacy, really? “Legacy” is often misunderstood, and so is estate planning. Legacy and estate planning are often perceived as “only” for the “wealthy” or “philanthropic”. But that couldn’t be further from the truth.

Legacy Is More Than The Money You Leave Behind

Legacy includes capturing your life stories, passing on your values, and ensuring your loved ones have a record of the essence of what matters to you.  These are the things you leave behind that mean the most to your loved ones.

Many people believe they have a grasp of estate planning, but due to myths perpetuated by television, movies, and social media, most don’t fully comprehend it. It isn’t just about getting your Will done or documenting your end-of-life healthcare wishes. It’s not about getting some documents signed—estate planning is the vehicle that allows you to leave a meaningful and lasting legacy.

So, let’s dive in to better understand what “Legacy” really means and how you can secure your legacy for the benefit of your loved ones.

Understanding What Legacy Truly Is

Legacy, at its core, is about connecting the generations, and Life & Legacy Planning is the way to do it.

Here’s an example: Consider a teacher who has spent her career fostering curiosity and resilience in her students. She may not have millions of dollars to give away, but she can use her estate plan to leave her personal library to a local school. She may even set up a small scholarship fund in her estate plan to continue supporting education long after she’s gone. And, if she has children or close friends she cooks for regularly, she may leave a book full of her recipes.

Her legacy is transformed from a simple transfer of assets to inspiring future generations to value learning and perseverance and create meals filled with love. Similarly, your Life & Legacy Plan can be crafted to perpetuate the principles you deem most important, making your influence felt well into the future.

So now, take a minute to reflect. What principles are most important to you? How do you want to use them to connect your generation to the next?

Estate Planning as a Form of Love

It’s important to understand that estate planning should be customized to fit each family’s unique dynamics and values. One-size-fits-all-planning will do little to leave a meaningful legacy for your one-of-a-kind family. This personal touch transforms estate planning from a mundane task that most people put off into a powerful act of love.

Holistic planning can also alleviate the potential for family conflict, which often results in irretrievably broken family relationships, It has the power to preserve these relationships and uphold family harmony.

Here’s an example: a devoted husband and father who cherished the annual summer trips to a beloved lakeside cabin with his family. Recognizing the cabin’s significance to his family, he specifically stated in his will his desire for the property to stay within the family, passing down to his children and grandchildren. He also established a small fund to cover the cabin’s maintenance, ensuring that his family could continue to enjoy it without financial strain. In doing so, this caring husband and father preserved a beloved family tradition and also created a physical space for remembrance and togetherness, allowing future generations to experience the joy and peace he found there. This considerate aspect of his estate plan illustrates how such preparations are acts of love, weaving his memory and values into the tapestry of his family’s future.

Take another minute to reflect. How would you craft your own legacy into a plan of action?

Practical Steps to Create Your Legacy

Taking the first step in estate planning can feel daunting, but framing it as an act of love and legacy preservation transforms it into a deeply meaningful process. Start by identifying what matters most to you. This could be family traditions, a commitment to charity, a passion for art, or anything else that defines your personal story and values.

Then, be sure to consult with a Personal Family Lawyer (“PFL”) firm like ours that understands the intersection of legacy and estate planning through a special process called Life & Legacy Planning. A PFL will help you get clear on your values and goals, then together, you’ll create a customized plan that fits you and honors the legacy you wish to leave behind.

A PFL will also record a Life & Legacy Interview that your family will cherish for years. The interview allows you to express your love, hopes, and reasons behind your decisions. It is a comforting and clarifying piece for your loved ones, ensuring they understand your intentions and feel your presence in the provisions you’ve made.

By taking these steps, you’re not just planning for the future; you’re crafting a legacy that carries your values and love forward, ensuring that your impact on the world persists and that your memory continues to serve as a source of inspiration and unity for those you hold dear.

Memorial Day Is an Opportunity for Action

This Memorial Day, as you reflect on the sacrifices of those who gave their all (and what a legacy that is!), take action to get your estate plan in place. Remember, estate planning is not just for the wealthy; it is for everyone. It’s about making your mark, much like the soldiers we honor, whose legacies are remembered for generations.

So let this Memorial Day be the catalyst for you to start or update your estate plan. In doing so, you honor your life and ensure connection among the generations. Just as we come together as a nation to remember, let’s also take steps to put our love into action.

How We Can Help You Take Action Today

As a Personal Family Lawyer Firm, we empower you to reflect on how you want to be remembered and how you want to pass on the values you hold dear. We take the time to fully understand what’s important to you, and then together, we’ll craft a thoughtful and holistic plan that results in the greatest gift you can leave your loved ones: your love.

To learn more about how we approach estate planning as the intersection of love and legacy, schedule a complimentary Discovery Call with our office.

This article is a service of AMO LAW, Personal Family Lawyer® firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Legacy Planning Session and mention this article to find out how to get this $750 session for just $497. 

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.