When most people hear the word “legacy,” they think of wills, inheritances, and estate planning. But true legacy goes far beyond money. It’s about the values, vision, and impact you leave behind. Legacy planning is your opportunity to shape the future—financially, emotionally, and even socially—for your loved ones and community.
In today’s world, building wealth is not just about accumulation. It’s about intention.
What Is Legacy Planning?
Legacy planning is the process of organizing your assets, wishes, and values to ensure that what matters most to you lives on after you. It typically includes:
- A financial estate plan (wills, trusts, beneficiaries)
- Family values and guiding principles
- Charitable giving or impact investing
- Financial education for future generations
- Personal documents, letters, or ethical wills
Why Legacy Planning Matters
Without a legacy plan:
- Your wealth may be mismanaged or lost within a generation.
- Your loved ones may face legal complications or emotional stress.
- Your values may fade without a system to carry them forward.
With a legacy plan, you create clarity, continuity, and confidence for those who come after you.
Key Elements of a Meaningful Legacy Plan
1. Define Your Core Values
What principles have guided your financial life—resilience, generosity, hard work, innovation? Write them down. These values are the foundation of your legacy.
2. Educate the Next Generation
Wealth without wisdom is rarely sustainable. Consider:
- Teaching kids about money early
- Sharing the story behind your financial journey
- Creating a family financial mission statement
3. Document Your Wishes
Establish a clear estate plan with the help of an attorney. This includes:
- Wills and living trusts
- Power of attorney and healthcare directives
- Beneficiary designations
4. Include Non-Financial Legacy Assets
These can be just as impactful as money:
- Letters of wisdom
- Family traditions and stories
- Photographs, recipes, or personal reflections
- Ethical wills outlining your life lessons and hopes
5. Incorporate Giving
If giving back is part of your purpose, consider:
- Donor-advised funds
- Charitable trusts
- Regular family giving meetings
- Leaving a percentage of your estate to causes you believe in
Legacy Planning for All Income Levels
Legacy planning isn’t just for the ultra-wealthy. Whether you have $10,000 or $10 million, your values, relationships, and impact deserve to be preserved.
It’s never too early—or too late—to start.
Building Wealth That Outlasts You
Financial success means more when it creates a ripple effect. By planning your legacy, you ensure that your life’s work continues to uplift and empower, long after you’re gone.
For a deeper dive into how to align your money with your mission—and create lasting wealth that honors your values—check out my book, Building Wealth for a Better Life. It’s more than a financial guide; it’s a blueprint for a life and legacy with meaning.
