What is Your Legacy?
The terms “legacy” and “legacy planning” are being increasingly used by wealth managers, estate planners and other financial advisors. Unfortunately, these terms are mostly used as synonyms for “estate” and “estate planning,” perhaps in an attempt to make the industry sounds less stodgy and more mission—or purpose—driven. Some refer to legacy planning as being more “wholistic” and conveying family values, wisdom and stories, in addition to financial assets and property. None of these definitions, however, are correct.
Simply put, your “legacy” is how you will be remembered. It is your story and represents the impact your life had on society and culture. Your legacy is not your family’s legacy. There is a difference between how you will be remembered as an individual and the shared values of your family. This is a key distinction because legacy planning should be about your individual impact and contributions to society. A family legacy, on the other hand, is a collection of individual legacies bound by lineage and certain shared values.
Simply put, your “legacy” is how you will be remembered. It is your story and represents the impact your life had on society and culture.
All of us, like it or not, will leave a legacy when we die. The question is, what will that legacy be? What will your lasting impact on society and culture be? While your legacy by definition is something you leave when you are gone, it is also something you are living and building each and every day. You are living your legacy right now. This means that you have the opportunity to take control of your legacy, to intentionally and purposefully live the life that will ultimately become your legacy. This is the heart of legacy planning. Unlike estate planning, which focuses on what happens to your property when you die, legacy planning focuses on your purpose while you are alive. Then, once it helps you achieve your desired impact on society and culture, legacy planning ensures that your impact lasts for generations.
You are living your legacy right now. This means that you have the opportunity to take control of your legacy, to intentionally and purposefully live the life that will ultimately become our legacy.
Some will argue that preserving your legacy beyond your life is about ego. I see it as about service. As an individual, you are unique. You are a gift capable of providing a value to this world that only you can provide. To the extent that you believe your life serves a purpose, that we are all here for a reason, this is it. It must be. Any other purpose not tied to your unique individuality could easily be served by someone else, in which case it is not uniquely yours. Legacy planning is not about ego so much as it is about enabling your life purpose to continually be served and fulfilled long after you are gone.
So, ask yourself: What is my life purpose? What do I want my impact on society and culture to be? The reality is that you are living these answers right now, as we speak. Instead of leaving your purpose and impact to chance, a legacy plan will operate as a blueprint for your success, a roadmap to achieving the life and legacy you desire.
