What’s the Difference Between Your Legacy Plan and Your Estate Plan?

When it comes to looking towards future, there are many different components you need to consider. If you have a will, a simple trust, and a life insurance policy in which you’ve named beneficiaries, you may assume that you’ve taken care of all of your crucial end of life planning. 7

However, you’ve only managed your estate plan at this point. Protecting and creating a legacy can take some more effort and a sit-down meeting with a knowledgeable estate planning attorney. An estate plan looks at the distribution of your assets as well as the opportunities to minimize taxes but a legacy plan creates a more far-reaching and comprehensive strategy for your assets, your family and the way that you intend to be remembered.

This means it’s about more than just naming who will receive the assets you pass on but also about preserving and sharing your community involvement, your personal history, your beliefs and your morals. There are several things you should consider in the process of generating a legacy plan including: