A lot of discussions with clients over the years have related to technical property issues: Who gets what? How do I handle this asset? How should I treat this problem? Ownership of assets carries with it the responsibility of how to manage.
But the bigger philosophical question I raise is after you are gone, what happens? I suggest that this summer you step back from looking at individual property questions and answer the question, “What will be your legacy?”.
A part of your legacy may be great experiences with your family, such as a family reunion, a memorable road trip or summer vacation. Your legacy can include the memory of great fellowship occasions, adventures of new sights and sounds shared with family, the laughter of children and grandchildren who will be too soon gone – all on a summer vacation. Create those memories while you can. Pack your bags today.
Another definition of legacy is what survives you. It can be family memories, but those will pass with the passing of your children and grandchildren. Another could be a financial legacy that supports humanitarian charitable organizations and causes. I am blessed to have known a number of people who lived modestly, cared about people, and, because of the legacy discussion we shared in past years and their heart to help others, organizations such as the Salvation Army, Children’s Hospital, the American Cancer Society, the Leukemia Society, the local food bank, and other organizations are now receiving annual financial support from their estates that will continue for generations long after their passing.
That was part of their legacy. What is yours?