In our fast-paced world, it’s easy to get lost in the day-to-day and overlook the importance of legacy planning. At Mindful Counsel®, we believe that legacy planning isn’t just about safeguarding your assets for the future. It’s about embracing the power of mindfulness and intention to live a more empowered life today.

So today, we’ll explore legacy planning — its key components, the steps you can take to create a robust legacy plan, and hopefully, answer some questions you might have about legacy planning! Let’s dive in!

Why does legacy planning matter?

Legacy planning isn’t just a financial strategy — it’s a reflection of your life’s purpose and the impact you want to leave behind. That’s why it’s so important! Here are some other reasons why legacy planning matters:

• Legacy planning ensures your values, wealth, and wishes are handled according to your wishes after your passing.
• It can provide clarity on how your assets will be distributed, minimize potential conflicts among your family, and allow you to leave a positive and lasting impact on your family, community, and chosen causes.
• Finally, legacy planning can offer financial security for your loved ones and empower you to make intentional decisions about your future, which can greatly reduce the amount of stress about uncertainty for the future. 

How does legacy planning differ from estate planning?

Estate planning primarily revolves around the management and distribution of your assets after your passing. It involves legal documents, tax optimization, and addressing immediate financial and legal concerns.

On the other hand, legacy planning takes a broader approach. It focuses more on your values, beliefs, and the impact you wish to leave on future generations and society. Legacy planning is about transmitting your core values, life lessons, and principles to your heirs, often involving strategies for charitable giving and philanthropy.

So while estate planning is concerned with the financial aspects of your future, legacy planning encompasses both financial and non-financial elements, aiming to create a lasting positive influence on your family and even the world.

How to create your legacy plan:

1. Define your legacy

Reflect on your values, aspirations, and the impact you want to make. Consider what you want your legacy to be and who it will benefit.

2. Gather your financial information

Compile a comprehensive list of your assets, debts, and financial accounts.

3. Consult with a professional

Seek guidance from a skilled legacy planning expert who can help you navigate the complexities of legacy planning and tailor a plan to your needs.

4. Draft your documents

Work with your legacy planning advisor to create your will, trusts, and other essential documents that align with your legacy goals.

5. Review and update 

 Regularly review and update your legacy plan with your legacy planning advisor as your life circumstances change to ensure it remains in line with your intentions.

Ready to create a legacy plan?

At Mindful Counsel®, we’re dedicated to helping you live an empowered life by crafting a legacy that reflects your values and aspirations. Don’t wait to secure your future and leave a lasting impact. Contact us today and start living your empowered life now, knowing that your legacy is in good hands!