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Building a lasting legacy | Essential steps for effective legacy planning

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By Capital Partners Ambitious Retirees

Legacy planning, also known as Wills and estate planning isn’t just about writing a Will or documenting your wishes. It’s about ensuring your plan reflects who you are, and the impact you want to have when you’re no longer around. Many people want to leave a legacy to make the world a better place. Whether it be setting up a trust, donating to a charity, or creating the time and freedom in your life to volunteer. If creating a legacy is important to you, here’s how you can make it happen.

Defining legacy planning

A legacy is typically a philanthropic plan that mirrors your values. It’s about establishing something that benefits future generations long after you’re gone. Motivations are different for everyone, however often, those interested in legacy planning seek to contribute in a way that benefits future generations or a cause they care about.

What can you be doing now to leave a legacy?

All good things take time and legacy planning is no different. Your legacy plan won’t happen overnight. You have to create it on purpose. Take time to sit down and understand your true purpose, and why it’s important. Just like a Wealth Map session, it can be revealing to start by thinking about what means most to you and building your plan from there. If you enjoy volunteering or engaging with your community, lean into that to create a positive initiative.

Closer to home, one of the simplest things you can do is to instil your family with good financial habits or leave an inheritance. Consider what you can do today that will make an impact, and be remembered, and appreciated long after you’re gone.

Tips for creating your legacy:

  • Define your legacy
  • Speak to your adviser about your wishes
  • Be persistent
  • Share your idea with others

In thinking about where to go next, your adviser can help make your goals a reality as they have a full picture of what you can realistically achieve.

Why does it matter?

We all want to be remembered for doing the right thing, not for leaving a mess behind. For families with significant wealth, a positive legacy for children and grandchildren is often the most important goal. After all, your legacy is your connection between the places and the people who mean the most.

When you’re working towards building your legacy, you become the steward of your world. In this headspace, your values are naturally front of mind, guiding how you show up each day. We encourage you to think through how legacy planning could help make a meaningful impact and difference to all the people in your orbit who matter most.

If creating a legacy is important to you, we would love to help you make it happen. Reach out to your adviser or advice team member, to discover how you can make a start on your holistic plan.

The information provided on this site is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if these strategies and products are right for you.

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