Family lends us a strong sense of identity. So it makes sense that traditional legacy planning focuses on family bonds and the financial resources we want to leave to our loved ones. The best legacy plans start by focusing on the here and now. Here are four ideas to help you leave a family legacy- starting right now.
- Find Work-Life Balance: The struggle is real. Even successful people have expressed regret about choosing work over spending time with their families. If this resonates with you, consider ways to free up some quality time for your loved ones.
- Plan for the Unexpected: About 48 percent of U.S. adults don’t have life insurance, according to a 2021 study conducted in part by the trade group LIMRA. This and other conventional estate planning concerns are an integral part of leaving your legacy.
- Communicate Your Vision with Both a Legal Will and an Ethical Will: Along with a legal will consider adding an ethical will. Think of this as a family love letter, passing on your personal lessons and your vision for the family’s future. Your ethical will can add context to your legal will, potentially preventing conflict among heirs.
- Show Your Help and Support: You can do this in many positive ways from encouraging words, being actively involved in your family’s activities or by making memories taking family vacations. In addition, you can financially help by setting aside money for education in a 529 plan for your children or grandchildren.
Live life with intention, not regrets. Your financial advisor can help you create a legacy that prioritizes caring for and guiding the people you love and honors what matters most to you now and in the future.
TFCU Financial Advisors
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(405) 737-0006
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