How would you design your estate plan if money was not a constraint? This is a question that few of us can answer. The rest of us have to consider what we can leave for our heirs and beneficiaries based on what we have right now, or what we realistically can amass in the future. Even under our wildest dreams, money will still be a deciding factor in what we leave as our legacy.
Because of financial constraints, it is helpful to focus on the purpose of your estate plan instead of the tangible things you wish you can leave behind. This post will explain why.
People remember purposes Like many tangible things, they can be lost, stolen or destroyed (either on purpose or by accident). However, leaving a legacy to focuses on a purpose can be picked up by someone else and kept alive.
Money can be squandered In the same vein, money left to an unappreciative, or irresponsible heir could be gone in a short amount of time, even without the persons purpose being considered; nonetheless fulfilled.
Property can divide people People may feel slighted when they dont receive what they believe they are entitled to from a persons will. This is another reason why creating an estate plan with a purpose in mind may be better than picking people to leave assets to.
Regardless of what you believe your purpose is or what you want to leave to embody your legacy, the guidance and expertise of an experienced estate planning attorney can help.