How to Pass Down More Than Just Your Assets

Coral Gables estate planning attorneys

Coral Gables estate planning attorneys

Did you know that you can also pass down your legacy along with your material assets?  The idea behind the concept of legacy planning is to take estate planning to the next level. Legacy planning allows you to incorporate your ideals, beliefs, values, and faith into your estate planning endeavors.  Instead of simply leaving behind assets, legacy planning lets you leave behind much more of who you are and what made you the person you were during your lifetime.  The Coral Gables estate planning attorneys at Stivers Law explain how legacy planning can help you pass down more than just your assets.

Traditional Estate Planning vs. Legacy Planning

A traditional estate plan focuses on the distribution of estate assets after death. Your estate assets may include real or personal property as well as tangible and intangible assets. Those assets, however, all represent the material wealth you have accumulated over the course of your lifetime. Traditional estate planning strategies and tools leave little (if any) room for incorporating your deeply held values, ideals, and beliefs that may be just as important to you as those assets. For some, passing down their legacy is even more important. Traditional estate planning remains important, of course, because you do need a roadmap that can be used to distribute your material wealth when you die. You also need a plan that determines who will control those assets and who will make decisions for you should you become incapacitated at some point in the future. All of that can be addressed in a traditional estate plan.

What is not addressed in a traditional estate plan are the values, morals, faith, and beliefs that guided you throughout your lifetime and helped you achieve the material success you have achieved. For that, you need to turn the legacy planning. Legacy planning does not require you to create a separate plan. Instead, legacy planning simply takes traditional estate planning one step further by incorporating tools and strategies aimed at including the legacy you wish to leave behind for future generations.

What Is Your Legacy and How Can You Pass It Down?

Take a moment to think about the legacy you hope to pass down to your children, grandchildren, and even great-grandchildren. What are the ideals and beliefs that have guided you throughout your lifetime? What is important to you? How can that legacy shape future generations? Once you know what legacy you want to pass down, it is time to weave that legacy into your estate plan.

Your legacy planning attorney will help you do just that by using a wide variety of strategies and tools. A Letter of Instruction is a simple and straightforward way to include legacy planning in your estate plan by putting down in writing what you want future generations to know and understand about the beliefs and values that shaped your life. You may also decide to take a more proactive approach by including a trust in your legacy plan. A trust allows you to create terms that can directly reflect your values and beliefs. For example, the trust terms may stipulate that the assets held in the trust may only be used to pay for educational expenses incurred by beneficiaries. You might even require beneficiaries to attend a specific school or pursue a select area of higher education, such as medicine or law. 

Contact Coral Gables Estate Planning Attorneys

For more information, please join us for an upcoming FREE webinar. If you have additional questions or concerns about how to incorporate legacy planning into your estate plan, contact the experienced Coral Gables estate planning attorneys at Stivers Law by calling (305) 456-3255 to schedule an appointment.

Author Bio

Justin Stivers is the founder and managing attorney of Stivers Law, an estate planning firm specializing in wills, probate, trust administration, and financial risk management services. Justin’s approach goes beyond just creating legal documents. From aligning investments with estate plans to ensuring comprehensive insurance coverage, he safeguards a client’s legacy from unforeseen circumstances. His commitment extends beyond individual transactions, fostering lifelong partnerships to provide ongoing support and guidance.

With an impressive track record, Justin is licensed by the Florida and the Tennessee State Bars. His professional portfolio boasts Series 65 registration as a Registered Investment Advisor, the Wealth Management Specialist™ designation, and a 2-15 License for Health, Life, and Annuities. His dedication to excellence has earned him positions like Board Member of the Estate Planning Council of Greater Miami, Business Eagle Member of the Florida Justice Association, and active membership in esteemed organizations like the American Academy of Estate Planning Attorneys.

LinkedIn | State Bar Association | Avvo | Google