Your legacy should be more than just financial.
When it comes to passing down an inheritance, most families think of money and tangible assets. But there’s another legacy that’s even more important to the preservation of families and their history and it doesn’t have anything to do with money.
Planning for this type of legacy should begin early, giving multiple generations the opportunity to work together on the family story.
Capturing and celebrating a family’s history – its triumphs, tragedies, values and faith, for instance – will play an important role in strengthening family cohesiveness through the generations.
The benefits of leaving a non-financial inheritance are numerous, but what is involved? There are many ways to document and record different generations and viewpoints, including blogs, family websites, and audio or video recordings. What about writing a family history book?
Often, families are beginning to develop a legacy without realising it, by handing down family recipes, legends, and traditions. Family gatherings are ideal times to galvanise members into coming up with ideas to preserve the family history.
Most of us don’t want our children and grandchildren to feel entitled or be dependent on our wealth or trust funds. We would prefer them to have a good work ethic and contribute to society in a positive way. So we need to educate and communicate our family’s values to the next generation.
The Planners at Magenta can help to focus on legacy planning, facilitate family communication while the elders are alive and document core family values.
What about your personal legacy – how would you like to be remembered? What would you like to be remembered for? What would you like your epitaph to be?
Perhaps it is time to think about what your non-financial legacy will be. We would love you to share your ideas with us and to help you design your legacy.