Let us reflect on Memorial Day. First observed in 1868, only a few years after the Civil War, the holiday endures. And endure it should, as it honors and mourns the U.S. military personnel who died while serving in our Armed Forces. Although back in the 1800s there was pretty much only the Army and the Navy, today we have six military branches of service that include Soldiers, Sailors, Airmen, Marines, Guardians, the the Coast Guard.
All of them serve their nation. For those who've seen it, at the end of the very touching movie Saving Private Ryan the elderly character of James Ryan reflects on friends he lost and the legacy he's left, and asks his wife to "tell me I have led a good life." Or Benjamin_Disraeli stated, "the legacy of heroes is the memory of a great name and the inheritance of a great example.”he legacy of heroes is the memory of a great name and the inheritance of a great example.”
There are 16.2 million Veterans and 2.8 million servicemembers (military and civilian) in America today. This day is for them. Between the friends, family, and maybe barbecue you're enjoying today, we hope you'll take a moment to reflect on their legacy... and yours.
Memorial Day brings with it an opportunity to reflect on the concepts of mortality, remembrance, and legacy. As we remember the brave men and women who lost their lives serving in the military, may this day also inspire you to think about the legacy you wish to leave behind.
But, first, what is a legacy, really? “Legacy” is often misunderstood and so is estate planning. Legacy and estate planning are often perceived as “only for the wealthy” and/or “philanthropic”. But that couldn’t be further from the truth.
Legacy isn’t just about money or wealth. As my mentor Ali Katz says: “Legacy is the choices you make now, the actions you take now, the way of being you are now, and the ripple of impact beyond your lifetime."
Legacy includes capturing your life stories, passing on your values, and ensuring your loved ones have a record of the essence of what matters to you. These are the things you leave behind that mean the most to your loved ones. Money can’t even compare. Thinking of it this way, it’s easy to see that every human has a legacy to create and leave behind, including you!
Estate planning, on the other hand, is something many people think they understand, but really don’t. It isn’t just about getting your Will done, or documenting what your end-of-life health care wishes are. Estate planning, like legacy, encompasses much more. It’s not about getting some documents signed. Estate planning is the vehicle that allows you to leave a legacy.
So let’s dive in for more understanding on what “legacy” really means and how you can secure your legacy for the benefit of your loved ones.
Understanding What Legacy Truly Is
Legacy, at its core, is about connecting the generations, and Life and Legacy Planning is the way to do it. Here’s an example. Consider a teacher who has spent her career fostering curiosity and resilience in her students. She may not have millions of dollars to give away, but she can use her estate plan to leave her personal library to a local school. She may even set up a small scholarship fund in her estate plan so she can continue supporting education long after she’s gone. And, if she has children or close friends she cooks for regularly, she may leave a book full of her recipes they all love.
Her legacy then becomes not just about the resources she left behind, but about inspiring future generations to value learning and perseverance, and nourishment. Similarly, your estate plancan be crafted to perpetuate the principles you deem most important, making your influence felt well into the future.
So now, take a minute to reflect. What principles are most important to you? How do you want to use them to connect your generation to the next?
Estate Planning as a Form of Love
In emphasizing the value of estate planning as the vehicle that allows you to leave a legacy, know that estate planning should be tailored for each person, each person’s family dynamics, and each person’s values.
No two people are the same, no two families are the same, and therefore, no two estate plans should be the same. This personal touch transforms estate planning from a mundane task, that most people put off because they don’t see the value, into a powerful act of love. Proper and customized estate planning can also alleviate the potential for family conflict.
This conflict, which often results in irretrievably broken family relationships, can be avoided when you use estate planning as a vehicle for securing your legacy, it has the power to preserve these relationships and uphold family harmony. Estate planning is then transformed into an enduring gesture of care and love.
Consider another example: a devoted husband and father who deeply valued his family's annual summer retreats to a beloved lakeside cabin. Understanding the special place the cabin held in his and his family’s hearts, he specifically detailed in his Will his wish for the property to remain in the family, passing down to his children and grandchildren.
He also set up a small fund to cover the cabin's upkeep, ensuring that his family would continue to enjoy it without financial burden. In doing so, this loving husband and father not only preserved a cherished family tradition but also created a physical space for remembrance and togetherness, allowing future generations to share in the joy and serenity he found there. This thoughtful element of his estate plan demonstrates how such preparations are acts of love, weaving his memory and values into the fabric of his family’s future.
Take another minute to reflect. How would you craft your own legacy into a plan of action?
Practical Steps to Create Your Legacy
Taking the first step in estate planning can feel daunting, but when you frame it as an act of love and legacy preservation, it becomes a deeply meaningful process. Start by identifying what matters most to you. This could be family traditions, a commitment to charity, a passion for art, or anything else that defines your personal story and values. Begin by listing these priorities and considering how they can be integrated into your estate plan.
Next, consult with a Personal Family Lawyer (“PFL”) law firm, who will help you get clear on your values and goals, then together, you’ll create a customized plan that fits you and honors the legacy you wish to leave behind. Like the devoted father above, if you have a cherished family property, you can set up a trust to manage that property.
A PFL will also record a Life and Legacy Interview that your family will cherish for years. The Interview allows you to express your love, hopes, and reasons behind your decisions and is a comforting and clarifying piece for your loved ones, ensuring they understand your intentions and feel your presence in the provisions you’ve made. You can even record messages to send to beneficiaries that provide stories and details about a special possession or heirloom and why you chose to give it to them.
By taking these steps, you’re not just planning for the future; you’re crafting a legacy that carries your values and love forward, ensuring that your impact on the world persists and that your memory continues to serve as a source of inspiration and unity for those you hold dear.
Memorial Day Is an Opportunity for Action
This Memorial Day, as you reflect on the sacrifices of those who gave their all (and what a legacy that is!), take action to get your estate plan in place. Remember, estate planning is not just for the wealthy; it is for everyone.
It's about making your mark, much like the soldiers, sailors, airman, marines, and guardians we honor, whose legacies are remembered for generations. So let this Memorial Day be the catalyst for you to start or update your estate plan. In doing so, you honor your life and ensure connection among the generations. Just as we come together as a nation to remember, let’s also take steps to put our love into action.
As a Personal Family Lawyer Firm, we don't merely dispense legal counsel; we empower you to reflect on how you want to be remembered and how you want to pass on the values you hold dear. We take the time to fully understand what’s important to you, and then together, we’ll craft a thoughtful and holistic plan that results in the greatest gift you can leave your loved ones: your love.
If you're interested in learning more about how to create a Life and Legacy Plan that secures your comfort in retirement, we invite you to schedule a complimentary 15-minute call with our office.
