Leaving a Legacy
When you consider a future that you will not be a part of, the word "legacy" likely comes to mind. The legacy you leave behind is how many people will remember you, not just in the next generation but for generations to come. Your legacy can impact your family members, friends, co-workers, and even employees if you are a business owner. Leaving a legacy can seem like a daunting consideration, but with a few helpful tips, you can leave a better legacy for the people that remain when you are gone.
What Do You Stand For?
One of the major factors to focus on when you think about leaving a legacy is actually yourself. Huffington Post recommends you take the time to decide what was most important in your life. Who are you and what do you stand for in this life? It is a good idea to review your life journey to date and figure out what you stood for. Did you establish a track record of giving? Were you always there to support your family members? What you stood for in life is something you can still stand for in death as well. Figuring out where you stand as an individual can help you develop a legacy to leave behind for the future.
Focus on Successes and Failures
Sharing your experiences with others can leave a positive legacy of knowledge behind, but do not sugarcoat the things that have happened in your life. By all means, talk about the successes you have enjoyed in your life, but do not forget to talk about the failures you have endured as well. When it comes to financial education, the school of hard knocks delivers some of the best lessons around. Share your experiences with children and friends so future generations can learn from your successes, as well as your mistakes.
Forbes notes that providing a family history for your loved ones is a great way to leave a legacy that is emotionally powerful. People are always seeking to "find themselves," and better know who they are and where they came from in this world. Sit down with your family members to interview them and learn as much about your family's history as you can. Seek out all the photographs of ancestors that you can get, and talk to those who might enjoy knowing more about the family's past.
Pass it On the Right Way
Finally, pass on your knowledge and wealth, but do it in the right way. If you have numerous beneficiaries you want to provide for in the future, consider establishing a trust that manages the assets to avoid family members feuding over who gets what or who controls what. Invest in life insurance policies to cover your own expenses in the immediate aftermath of death, and also provide a financial boost to your loved ones when you pass.
Your plan to pass on your assets should line up with your values, provide for those you love and the causes you find dear, and should be as complex as necessary to handle your financial and wealth management needs. For help, call your advisor at Indian River Financials.