There is growing interest in producing written records, especially as our personal and financial affairs become more complicated. These personal legacies can include a range of documents from the more formal Memorandum of Wishes (or ethical will) to the less formal but more detailed Family Legacy Plan which records a comprehensive range of important personal details.
To create a structured living legacy you need to address all 3 legacy elements and become involved in building the legacy as soon as possible, including passing on family stories that were responsible for forming individual and family values, improve family communication, plan for the future, align your values with your community giving and where possible, involve other family members. It's never too soon to give back and it's never too soon or too late to begin to live a life of significance.
Here are the components to consider when building your living legacy.
The Financial Legacy
How do we prepare baby boomers and their children to manage their inheritances responsibly?
Implement wealth retention strategies
· Investment plan (save and invest in superannuation, shares, real estate)
· Retirement plan (seek expert advice to minimise CGT on sale of assets, utilise superannuation most effectively)
· Life and income protection insurance
· Current will, power of attorney, trusts (bloodline, testamentary, superannuation)
· Succession plan (to ensure business survival and continuity)
