Your legacy is what you leave behind. For many people, it’s children and their contributions to society. For some, it’s a business, services, or products they create that are carried on after they’re gone. For others, it’s financial contributions to their alma mater or favorite museum or charity. We all leave some sort of imprint on this planet the question is, will it endure?
Of all the legacies created, most are not well-documented nor do they survive long after the death of an individual or second generation. While most people are unsure about how to create a lasting legacy, we do it at Katie Charleston Law, PC through business and estate planning.
Documenting your legacy.
For a legacy to stand the test of time, it must be well documented. In an estate plan, you can do this through a well-written trust, endowments, and legacy videos or letters.
By way of a trust, you can dictate how your assets are distributed, used, and invested. This can give you quite a bit of control after death as to how your assets are used to protect your legacy. This can mean allowing your children to access inherited funds for limited purposes or that an endowment is used for very specific purposes to protect your legacy.
We invite our clients to record a short video that leaves a message behind to their loved ones after they are gone. Some take this opportunity to share important family history, culture, or values they want to be remembered and carried on for generations to come. Others leave event messages to loved ones for the day of their wedding or the birth of their first child. Others like to give an insight into what a typical day looked like. For business owners, we recommend they include a long-term vision for their business outlining goals and what success looks like.
For business owners that would like their business to live on successfully as they envisioned it after death, this means additional advanced planning. A short-term and long-term business plan is essential to creating a lasting business. With business owners typically getting caught up in the daily operations of the business, and not its success after the business owner’s death, business survival and legacy is often doomed.
A business succession plan, outlining who will take over the business when you’re gone, how to do so, and what you want to have to happen to your business is essential.
Legacy is something we all have the opportunity to have, but most need to have a plan for it to survive our death.
At Katie Charleston Law, PC we help families and businesses create lasting legacies while protecting their assets and loved ones from court and conflict. Call us for a consultation if this speaks to you. (317) 663-9190.