Estate Planning

The Importance of Family Legacy Planning

Home > Blog > Estate Planning > The Importance of Family Legacy Planning

At its heart, an estate plan is deciding what would happen to your property and wealth in the time following your incapacity or death. It identifies who you would like to manage your assets, the beneficiaries of said assets, and can establish your final wishes in regards to how those assets will be distributed.

Estate plans typically consist of a person’s tangible property, e.g., money, real estate, business interests, trusts, insurance, etc. However, often overlooked components include the many non-monetary considerations that should be ruminated, well-documented, and communicated to your loved ones.

This is commonly known as “Legacy Planning” and may very well be far more priceless than any Earthly possession or dollar amount you could leave behind. It is said that the best things in life are free, but we believe some of the best things aren’t things at all.

Family History & Legacy Preservation

As we get older, we slowly become the sole keepers of our own very unique histories. Unless you’ve taken the time to document this invaluable information yourself, you may very well be the only person knows it and the only point of access to it. If you were to pass on before sharing it, your story will likely pass with you, legacy planning mitigates that risk.

Heirlooms can also be quite important when it comes to our family histories. Heirlooms don’t necessarily have to have any monetary value at all.  Instead, a small seemingly insignificant item can carry with it a powerful connection to our past. Increasing in personal value with each passing generation.

Moral Values & Guiding Principles

Sometimes, the life lessons we hold within ourselves can change the lives of those we love without us ever knowing it. With age comes wisdom and the ability to guide our heirs via our documented triumphs and shortcomings. Legacy planning enables you to do just that.

When planning your estate, it becomes important to ask what it is you would like your loved ones to know about you, in the event you never get to tell them yourself. What type of person do you hope your child becomes? What prudence could you offer for critical life discoveries? Essentially, what ethical guidance do you hold dear and wish to pass on to your family?

Philanthropic Gifting & Financial Legacy Planning

Usually, the process of estate planning revolves around the tangible wealth you will leave behind. What can be difficult without proper communication is preparing your loved ones for what they may be receiving. Financial legacy planning is not necessarily about a dollar amount but what may be expected of beneficiaries once they assume control. Familiarize your family on what your wealth means, where it came from, and why how it’s used is so important to you.

If charitable gifting is a part of who you are now, then perhaps you’d prefer it stayed that way after you are gone. Your legacy may be built and maintained through trusts, gifts, and foundations that live on in the hearts of those whose lives were impacted through your actions.

Spiritual Conveyance Through Legacy Planning

Throughout your overall personal values and principles, you likely have several ideals or spiritual beliefs that are important to you. These beliefs are interwoven into your life and played an important role in shaping who you are as a person today. While you may have already spent much of your life passing these principles down to future generations, a legacy plan is another opportunity to ensure these personal beliefs are passed on.

By taking the time to build your legacy through your estate plan, there are near limitless ways you may incorporate your morals, beliefs, and philosophies so they are certain to reach your loved ones.

Our Proactive Legacy Planning Services

Our firm can assist you in articulating your legacy planning goals. We’ll work closely with you to ensure your intentions are well documented and reflect your specific needs. We’ve helped many clients just like you in navigating today’s complex estate planning landscape. To learn more, please call or contact online the estate planning experts at Bridge Law LLP today. With comprehensive and personalized strategies for the transfer of assets and legacy, we look forward to serving you.

Contact Us

We want you to feel comfortable discussing your legal issue with us. Contact us today to setup a time to come in and talk with our team.


Contact Us Today

We want you to feel comfortable discussing your legal issue with us, so we offer a free consultation to learn about your problem. Contact us today to setup a time to come in and talk with our team.