Whether someone has a large or small family, or goes through life with a carefully selected circle of close friends, one of the most common things people raise when we are discussing what they want most in life is for them to leave a legacy. So, what is a legacy?
Typically, a legacy is something that you can be remembered for, or the impact you want to have on those you love, your community, or even the world. For some, this may involve making sure their children and grandchildren attend good schools. Others want to make sure their children, grandchildren, or nieces and nephews can buy a home. Sometimes there is a business or a property they want to be passed down. There may be charities they want to support.
So you’d like to leave your mark on the world. But what is the legacy you want to leave behind? The following are 3 questions that can help you answer this before we look at how we can incorporate this into your overall plan:
1. Who do you want to support? Maybe it’s your family, friends, those battling a specific medical condition, or employees?
2. What do you want to be remembered for? Are there certain values you want to be associated with and to be instilled in others? The importance of family, generosity, your support for creative arts, your commitment to reducing homelessness, the value of education?
3. Are there any specific things you want to do in terms of support, gifts, or donations? Knowing what is important can ensure any financial, estate, and business succession plans capture your wishes. Maybe you want to establish a scholarship for a less privileged child to attend a local private school, or you want to establish a foundation that supports causes dear to your heart? Or perhaps you have been the steward of wealth for money that has been passed on to you, and you want to ensure this is passed further down the line and continues to provide stability and peace of mind through the generations.
Whatever legacy you want to leave behind, having an idea of what you value and the impact you want to have on those you care about is an important consideration. This isn’t always something you will know up front and often develops and is refined over time.
As a holistic adviser, I know that your goals, including those relating to leaving a legacy, aren’t static and that as life happens your priorities will change. Helping you to articulate your goals, reviewing them with you regularly, and having these goals at the centre of the advice that I provide ensures the plan I develop for you is tailored especially to you.
To see how the help of a holistic financial adviser can empower you to make truly informed decisions that are in your best interests, feel free to reach out to organise an initial phone call.
Bec has held senior specialist roles within the financial services industry for over 15 years. With experience within superannuation and successful wealth management boutiques, her clients value the sounding board, support, and expertise she provides.
Contact Bec today on [email protected] or 07 3114 8690
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