If you have ever sat down and had a discussion with an estate planning attorney, there’s a good chance that the word ‘legacy’ has come up. This is because legacy planning is increasingly important as people think about the philanthropic and money related goals they will leave behind for their loved ones along with their assets.

Legacy planning is now being used in conjunction, or even in some cases, to supplement estate planning. There are three major myths that hold many people back from engaging in the process of legacy planning, all of which could ultimately make it difficult for you to plan your estate or to pass on your goals to future generations. The first myth is that it’s egotistical; many people assume that they have not accomplished anything significant enough to be preserved. This is a major mistake however, because everyone can benefit from a legacy plan.

A legacy plan helps you outline what you hope your loved ones will achieve and remember as they go forward with your assets- it’s not intended to implement many rules, but rather to inspire them.

Many other people fall for the second myth that having a legacy requires them ruling from the grave. You’re not necessarily controlling future generations and your heirs by engaging in this behavior. Rather it is about becoming your best self and achieving your greatest success. Furthermore, the final myth that many people fall for as relates to legacy planning is that only famous people or truly wealthy individuals have legacies to leave behind. You need to carefully consider that everyone has a legacy to leave behind. Schedule a consultation today with an experienced estate planning lawyer.

Comments are closed.