Leaving a legacy, as part of our estate planning, is something most of us have probably not considered much, if at all.
Maybe it’s because we think of the grander ones such as concert halls, or other architectural wonders, named after rich and famous people.
There are some smaller but important ways you can leave an effective legacy; in addition, that is, to a sum of money or a material asset.
One way is to record your life story. It may not seem much to you now, but it can be extremely valuable to your descendants. It's a fascinating record from a different era and it provides a rich sense of family history.
Another very important legacy is to have all your documentation up to date and in good shape. Having an up to date will, including enduring power of attorney and named executors, shows that you care about a neat and tidy future with no confusion.
Whether you are worth a lot or a little, these steps put your affairs into an arrangement you desire. This will reduce the distress and confusion for loved ones left behind at a very difficult time.
Estate planning allows you to determine how your assets are to be distributed and how to minimize taxation. It also lets you determine how you will be treated if you become too ill to speak for yourself.
establish how your financial affairs will be handled during a sickness that you
may or may not recover from.
It allows you to control the future in a lot of other ways too including, say, how your dog will be cared for if you are not around to look after him.
This and other smaller matters may seem trivial to you now but, if you address them, they can reduce worry for you and your family.
This can make you feel great today about tomorrow.
Philanthropy can be effective at little cost
Family stories are a wonderful heritage
Choosing the right executor
Choosing a beneficiary for your RRSP or RRIF
Probating a will
Memorial Societies help pre-plan a funeral
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