While often used synonymously, legacy planning and estate planning have distinct differences. How important is it to you to pass along your values with your monetary assets? Do you know whether your loved ones will honor what you stand for with just an estate plan? Creating a legacy plan will help you answer these questions.
Legacy planning allows you to have a say in the life you leave behind. It is the living and breathing part of your estate plan, beyond your assets. Legacy planning ensures that your values, standards, and morals are carried on beyond your estate. If you already have an estate plan, a legacy plan can build on this. This type of plan will help you decide how to divide your assets to represent your goals and values, while connecting with your loved ones to teach them about your goals and values.
The process of legacy planning is often more comprehensive than the process of estate planning, as you are educating those you leave behind of your goals and values. Families of all sizes and with any circumstances can benefit from a comprehensive legacy plan.