Does Your Estate Plan Have These “Non-Financial” Assets?
By: Barry E. Haimo, Esq.
July 15, 2021
When participating in estate planning, it’s natural to only think about the financial aspects of your estate. Monetary accounts you have. Property you own. And so on.
However, you’re leaving behind more than finances. After all, your estate is your legacy, and not everything that is a part of that comes down to finances.
Here are a few of the non-financial assets you should consider when creating your estate planning. That way, you can ensure your plan represents these things and, therefore, truly represents you.
Your Values and Beliefs
Throughout your life, your values and beliefs have shaped who you are and driven your choices. Don’t let those go unnoticed in the estate planning process. As you work out your plans, make sure to include what is called a “Personal Legacy Statement.” This can help guide you and your family members towards a shared vision.
Not sure where to start with your statement? Get help from your family. Talk about what family means to each of you and the rules you think you all live by and take to heart.
Your Experiences
The situations and experiences you’ve been in throughout your life also played a big part in making you who you are. Don’t let those stories go away with you. Instead, write them down or record them so they can be shared with future generations.
Choose stories from which you took lessons that had a huge impact on your life. You can even record them on video for posterity. Do this and your stories can become a part of the rich tapestry you pass on to your loved ones — even the family you may never have the opportunity to know in the future.
Traditions
Do you and your family have things you enjoy experiencing together? These things are a type of tradition, whether they’re one-time events or repeated experiences because they are experiences that have shaped who you are and the time you spent with each other.
Think about the experiences you’ve had that have madehad the biggest impact on your life and the lives of your loved ones. Think about ways these things can be recorded through photo albums or even social media stories that can be looked back on later.
Community
Many people in the midst of estate planning want to understand how they can have the most impact on their community through giving. You should invest time to think about the types of community projects you want to support through your estate and how you can help.
Giving to charities through your estate is a great way to give back and to help those in the community who may not be as fortunate as you are.
A non-financial legacy can have a huge impact on the lives of those you love and the community you are part of long after you’re gone. Don’t forget that your life is about more than numbers or statements from a bank — or even your will! It’s also a wealth of knowledge, experiences, and values that can be shared in a multitude of ways long after you’re gone.
Author:
Barry E. Haimo, Esq.
Haimo Law
Strategic Planning With Purpose®
Email: barry@haimolaw.com
YouTube: http://www.youtube.com/user/haimolawtv
YOU ARE NOT OUR CLIENT UNLESS WE EXECUTE A WRITTEN AGREEMENT TO THAT EFFECT. MOREOVER, THE INFORMATION CONTAINED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. EACH SITUATION IS HIGHLY FACT SPECIFIC AND EXCEPTIONS OFTEN EXIST TO GENERAL RULES. DO NOT RELY ON THIS INFORMATION, AS A CONSULTATION TO UNDERSTAND THE FACTS AND THE CLIENT’S NEEDS AND GOALS IS NECESSARY. ULTIMATELY WE MUST BE RETAINED TO PROVIDE LEGAL ADVICE AND REPRESENTATION. THIS INFORMATION IS PROVIDED AS A COURTESY AND, ACCORDINGLY, DOES NOT CONSTITUTE LEGAL ADVICE.
