Ohio residents may believe that legacy planning is something that only a famous person would do. However, almost anyone could have a life’s work or story to share. This is true whether a person is a writer, teacher or anyone else who has accomplished something. Therefore, creating a legacy plan is not necessarily an egotistical thing to do.
In fact, it can serve as a healthy outlet for those who want to preserve the work that they have done in their lives. When done properly, a legacy plan can serve as a road map to help an estate holder live their best life. It can also ensure that a person has an effective way to manage their wealth in a way that’s organized and tax efficient. A life coach may also be a part of a team that creates and helps to implement a legacy plan.
Having a legacy plan does not mean that a person is trying to control their heirs from the grave. Instead, it creates guidelines for how future generations can use resources given to them to accomplish their goals using values the plan creator lived by. When done properly, it empowers future generations to find ways to achieve their dreams.
By creating wills, trusts or other estate planning documents, it may be possible to provide assets for heirs. It may also be possible to provide money or other resources for minor or adult children with special needs after a parent passes on. An attorney could explain how these and other tools may be effective in helping an individual meet his or her estate planning goals.