How To Look At Your Legacy In A New Way

The word legacy holds many different meanings. 

We think of a legacy as a thing left behind: an estate, a valuable, a possession, a physical marking of someone who has passed. But after digging deeper into the meaning of legacy and where it comes from, we found something that got us thinking about legacy in a new way. 

A legacy isn’t an object, it isn’t a possession passed down generation to generation. That description ties more closely with an heirloom. A legacy, on the other hand, is a person living on in new ways throughout time. 

When we think about legacy as a person and not as an object, it forces us to consider the many ways that a legacy is formed and sustained. Here at Legacy Wealth, we work with people who have a passion to get outside of themselves to help others and define their legacy through their generosity, compassion, and zeal for life. 

As we move through this piece today, I’d like you to think about what the word legacy means for you and how you can work bring that definition to life. 

Let your values guide you

We talk about value sets a lot in financial planning and that is because a clear set of values and priorities will help inform your financial decisions. Your values are what drive your behavior, motivate you to reach your goals, and set the tone for the life you want to live. Money is simply a tool to help you get there. Money isn’t in the driver’s seat, your values are. 

When thinking about your legacy, start with your core values. What people, places, and things mean the most to you? What activities or practices bring you fulfillment? What does true joy mean to you and how can you achieve that in your own life? The answers to these questions will help reveal your core values. Take some time to really think about what these are for you. While you may have an idea for what they are, be introspective and work to discover them. 

Your values are the bedrock for your financial plan and are the source of which people will remember you. Let your values lead the way as you carve out your legacy each and every day. Values, like your legacy, are long-term. They aren’t built overnight, they take years to cultivate and grow. Work to both understand your core values and the many places in your financial landscape that can benefit from using them as a navigator. 

Use your estate plan

Estate planning and legacy planning are terms we often talk about in tandem, but why? Each of these things is different, but the goal behind them overlaps. Estate planning involves practical measures to help your assets have a new life once you pass away. It is the practice of collecting, cataloging and preparing for the future. 

Legacy planning is also a plan for the future. It is how your life will be honored after you are gone. But it won’t just be from the family estate you passed to your eldest child. It will be the way your granddaughter thinks of you when she donates to your favorite charity or the way you laughed when you cooked or how you always listened with caring ears and an open heart. 

You can use your estate plan as a tool to continue to communicate your legacy even after you are gone. Remember, you should be taking measures to communicate who you are and what you care about each and every day to help you establish a legacy. Your estate plan can be a great medium through which you can continue to live out your values. Whether it is donating a portion of your estate to a charity or setting up a scholarship or linking a trust account to charitable efforts, there are many creative ways to use your estate plan to honor your legacy.

Start today

As we discussed in our last post, a legacy isn’t something that is reserved for after you are gone, a legacy is something that you start and continue to build throughout your life. When you look at legacy from this vantage point, it allows you to be more creative and intentional with the plans you do set in place. 

You may be able to be more charitably inclined or better able to align your spending and habits with your goals and values. When you start living in a way that honors your core values, you will be able to create a more profound, lasting legacy than any document could. 

Using your time and talents to live out your values is an incredible way to create a legacy you and your family will honor for generations. What does your legacy look like to you and how can your financial plan better reflect that? We would love to talk to you and help you align your finances with your values. Schedule a 15-minute call today!