During the estate planning process, you will realize that you can leave a legacy. It’s an incredible feeling to know that your existence on this planet made a difference. Here is a guide for estate planning beginners: 3 easy ways to leave a legacy.
1. Leaving a Legacy: Start with your own family
- If you love music, leave a fund to pay for your grandchild’s music lessons.
- Pass along a specific gift that represents your time with a loved one (i.e. the wood working tools you used to teach your grandson how to carve.)
- Set up a trust that “pays” your beneficiaries for voluntary community service.
- Set up a trust that pays for personal development seminars and higher education for you loved ones.
2. Leaving a Legacy: Your favorite charities
- Have your trustee pay for the purchase of books for your local library; they will include a name plate honoring you.
- Sponsor a bench in the park or a crate at the animal shelter; they will include a name plate honoring you.
- Set up a donor advised fund or private foundation to carry out your legacy goals.
- Leave a gift for your church to start and operate a food bank for needy families.
- Set up a scholarship fund in your family name at your alma mater.
3. Leaving a Legacy: Donate your organs
The Mayo Clinic states that there are over 100,000 people on the organ donation waiting list right now. These people will die if they don’t receive an organ. You can save up to eight lives by donating your organs.
You can indicate on your driver’s license if you would like to be a donor, but if you haven’t done that yet, it’s okay. Your estate planning attorney can help you to fill out an organ donation form. Be sure to chat with your family about your wishes.
If you have questions about using estate planning to leave a legacy, consult with a qualified estate planning attorney.
- Preparing for Coronavirus - March 10, 2020
- Incapacity Planning - December 20, 2018
- Special Accounts for People with Special Needs - December 17, 2018
