The definition of Legacy, that most people commonly refer to, is that of money or property left to a person by someone who has died. However, this is merely a financial inheritance.
A true Legacy is far more personal. It is your unique story, built on your own values and encompasses your knowledge, experience and wisdom. This defines who you are as an individual and provides the basis for others to remember you by.
Rather than viewing Legacy in the context of a death, we should think about Legacy in terms of living our lives.
Legacy Planning is a process which is designed to articulate, create and implement a Wealth for Life Plan that is consistent with your values and wishes.
It incorporates your vision, with the strategic transfer of wealth and prepares your beneficiaries to receive their real inheritance and create a meaningful and lasting legacy.
It is designed to capture the values of an individual and at the same time establish what they truly value in life.
Legacy planning is about learning from the past, living in the present and building for the future.
Wealth is a precious resource and once acquired, all necessary steps should be taken to preserve and protect it, both for ourselves and for future generations.
According to economists, trillions of pounds will pass from one generation to the next by the year 2044, part of the greatest transfer of wealth in history.
However, people who are now in their 20s and early 30s will on average find it more difficult to accumulate wealth of their own compared to previous generations.
This means that inherited wealth will play a vital role in determining the lifetime economic resources of younger generations.
Legacy planning combines your emotional and intellectual wealth with your financial wealth. By doing this you can provide your beneficiaries with the financial security that might otherwise be impossible.
It is never too soon to start planning for the long term future of your wealth.
Get in touch to see how you can create a meaningful and lasting legacy for generations to come