I Am Not Famous, Do I Have a Legacy? Who Needs Legacy & Estate Planning?

So many of the clients that I sit down with begin their objections with I am not some famous celebrity such and such so I do not have a legacy that anybody is going to care about. But what many of us often fail to realize is that in our worlds and to those closest to us, especially our relatives in most cases, we are each and every one of us a superstar – the only difference, the size of our stage. So when you have kids, grandkids, nieces or nephews who look up to you and hang on your every word – those are your fans; that is your audience.  Let’s not forget that all family is not biological, there are also family’s of affinity which develop through the bonds of affinity and choice rather than biology alone.  No matter which type of family you have, I’ll bet that if you close your eyes for ten seconds, maybe you can see their grandkids’ grandkids many generations off into the future.  It is for this far off envisioned future that we lay our plans.

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Each life is a unique story woven and developed over the special circumstances of your lifetime and is therefore priceless and irreplaceable. Once our stories are lost, they are just that – lost, forever. Is there a pressing question that you wish you could pose to one of your ancestors? Do you ever sit and wonder how your family came to be settled in blank place, somewhere town?

Every life is a story, every life is a legacy. We all have the opportunity to be proactive and plan for how our stories, our philosophies, business practices, beliefs and belongings will be handled now in this present moment of our lives as well as moving forward in a strategic and planned manner. This is the foundation of legacy and estate planning. When you look back throughout history you can find some excellent examples of excellent planners. Let’s look at two famous people as examples here.  Examining their lives and bodies of work what do rock legend John Lennon and crooner Bing Crosby have in common – seemingly not very much. However, following their passing, it became clear that each man had been both thoughtful and proactive in planning how their estates would be discreetly handled and efficiently dispersed.

We each have the opportunity to follow the examples of well-organized and proactive individuals or we can take the oft traveled path of the many whose stories are destined to the trash bins of history and who estates and affairs will be sorted out however by whomever.

Which person are you?

Are you going to be proactive and engage in some intentional advanced planning?  Or just let chips fall where they may and do nothing at all?  The choice is yours.

If your answer is yes and you would like to learn more about legacy and estate planning, the next subject in this series is, “What is wealth transfer?” so stay tuned for that coming soon.

Not to worry, there are professionals out there to assist you.  Almost always solid planning reflects a collaborative effort of a team of professional advisors.