How to Turn Your Estate Plan into a Lasting Legacy
Most people think about two things when it comes to estate planning: (1) Leaving your assets to the next generation, and (2) Making sure that you have your medical wishes in order regarding end of life decisions and things of that nature. However, there is another important element to estate planning, and that is leaving a legacy behind. Here are a few tips:
- Photos and Letters – Leaving behind old family photos and handwritten or typed letters can allow you to pass on some of the family’s history to the next generation.
- Audiovisual media – By leaving recorded messages and videos for your family to watch, you ensure that future generations will not only remember you but will continue to benefit from your wealth of wisdom.
- Conditional trusts – Rather than just leaving funds directly to heirs, you can set up conditional trusts. Your successor trustee will then distribute funds when the conditions you require are met. For example, you can set funds aside for the grandchildren that will only be released for college tuition and other educational costs. Or you can encourage young entrepreneurs in your family by leaving funds to be distributed when they finally open that business they’ve been talking about for years.
Create a Family Legacy, Not Just an Estate Plan
The estate planning attorneys at Petrov Law Firm can help you in your endeavor. If you live in the state of California, give us a call at 619-344-0360 to get your estate plan started today.