Some individuals try to get by doing the bare minimum, and when it comes to estate planning a very high percentage of people don’t even do that. If you include adults of all ages most people have not executed the necessary estate planning documents, and this is truly something that needs to change.
On the other hand, there are those who do see the larger picture, and if you are one of them you may want to consider comprehensive legacy planning.
Your legacy can stretch beyond simply distributing your remaining resources among family members. The options are virtually limitless depending on the things that you are passionate about supporting.
You could make educational opportunities available to worthy students who may not have access to the financial resources that it will take for them to reach their full potential as human beings.
Some people choose to finance building projects for the good of the community, building things like libraries or ball fields.
Of course there are countless charitable organizations that could use ongoing assistance, and providing resources to worthwhile causes can be a part of your legacy as well. And in many cases there can be tax advantages to be had as a reward for your philanthropic efforts.
If you have been fortunate enough to accumulate significant resources throughout your lifetime making your influence felt even after you pass away can be extraordinarily rewarding. Should you be interested in exploring your options to this end, the first step is to sit down and discuss matters with a licensed Hartford estate planning lawyer.
- Estate Planning: Do You Need More Than a Will? - May 24, 2022
- What Are the Responsibilities of the Probate Court? - May 10, 2022
- Is Charitable Giving Part of Your Estate Plan? - April 26, 2022