Don’t Consider Yourself Rich? Top Ideas for Creating a Legacy
As people get older, they may think about how they want to be remembered and what they want to leave behind after they pass away. Some people enjoy the thought of creating a legacy but think that it is something that is only for the rich. The assumption that you must have substantial assets to leave behind a legacy is inaccurate, though, as there are many steps people that consider themselves average can take to ensure that they leave significant assets behind for their loved ones or important causes. If you have questions about how you can create a legacy, it is wise to talk to a skilled estate planning attorney today.
Top Ideas for Creating a Legacy
• Determine What Kind of Legacy You Want to Leave Behind
When people think of legacies, they often think of property and assets. Creating generational wealth is an important part of legacies, but they can extend far beyond that. As such, it is important for anyone that wants to leave behind a legacy to determine what is most important to them. For some people, it is vital to have to a loved one carry on the business they built from the ground up, while others want to focus their efforts on helping the less fortunate or funding advances in medicine or technology. Once an individual has established their desired outcomes with regard to a legacy, they can put measures in place to help them meet their goals.
• Establish a Plan to Pass Along Wealth
Perhaps the most key component of creating a legacy is developing a plan to pass along wealth. This may include executing a will that sets forth how their estate should be distributed after they die or creating a trust to provide for loved ones or other beneficiaries. People that fail to engage in estate planning lack the ability to direct what happens to their property after their death, as it will be disbursed in accordance with Washington’s intestacy laws. As such, they will have no control over their legacy.
• Invest and Spend Wisely
In order to create the assets that allow for a legacy, it is important that people invest wisely. For example, they should consider contributing to retirement funds and delaying collecting social security for as long as possible to increase their wealth. Depending on their means, they may also want to consider meeting with a financial planner to explore other investment opportunities. In addition to making sound investments, it is critical that people who want to create a legacy do not deplete their estate by spending recklessly. In other words, they should carefully consider significant purchases and avoid buying things frivolously.
Meet with a Capable Estate Planning Lawyer to Discuss Your Legacy
People frequently want to leave behind a legacy, but many feel unsure about their ability to do so. People do not have to be rich to create a legacy, though, they simply have to engage in appropriate estate planning. If you want to hear more about how you can create a legacy for those you will leave behind, it is in your best interest to meet with a capable estate planning lawyer to discuss your options. Call Gregorek & Associates at 425-284-3450 or fill out our contact form and we will be in touch to schedule a meeting.