Legacy Planning is a New Dimension in Estate Planning
Estate planning attorneys are well known for helping people prepare their assets to be distributed to their loved ones. In this post, you will find some ideas to help you plan your legacy. It may give you a renewed understanding about the process and the possibilities.
Funeral Arrangements
You may want to take your funeral arrangements into your own hands in advance. Your family will be dealing emotionally with your death. They will do what they have to do, but it’s not the best time for practical decisions.
These would include choice of burial or cremation, casket or urn selection, choice of funeral plot or the destination of your ashes, and memorial service details. When they are put on the spot by a funeral home, the situation is delicate, and family members can disagree.
When you assert your wishes before the fact, there will be no cause for disagreements. You will also be laid to rest according to your wishes, which is the most important thing. Short of this, your estate plan could include instructions about your desired final arrangements.
A Legacy of Giving
If you are in a position to give something back to worthy causes and/or institutions, you can establish a legacy of giving. Look no further than late sports-theme artist LeRoy Niman. He went to the Art Institute of Chicago, and he also taught at the school.
Nieman had a deep appreciation for his educational underpinning, and as a response, he left a $3 million endowment to his alma mater.
He passed away in New York, and he had an affinity for the city. His estate included an endowment of $1 million to the Harlem Community Center known as Arts Horizon. A Columbia University print study center carries his name, and his $6 million donation to help to make it a reality.
Regardless of how much money you have to donate, you will always be remembered for your generosity if you plant seeds for the future.
Ethical Will
The last legacy plan component we will look at here is the ethical will. This document originated in biblical times and is a part of the Judaic Tradition. The ethical will was originally used to pass on spiritual and moral values to loved ones who survived. Counselors encourage people to use the ethical will and promote its benefits. Attend a Free Learning Event!
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