When people hear the word “legacy,” they often think of the assets we leave to our loved ones, the charities when we pass away, and the vehicles we utilize to facilitate that transfer, i.e. wills, trusts, etc. But a meaningful legacy goes far beyond financial assets. It’s about sharing your values, making an impact, and shaping how you’ll be remembered, by your family, your community, and future generations to come.
At Crestwood, we believe that thoughtful financial and estate planning can serve as a powerful tool for building the kind of legacy that reflects not only the assets you have amassed during your lifetime, and how you wish to leave them to your chosen beneficiaries but also the values you stand for and what is important to you. Whether you’re just starting the planning process or revisiting an existing plan, here are four key areas to consider as you begin to shape your legacy.
Define What Legacy Means to You
Before you consider the mechanics of estate planning, start with your vision. What matters most to you? What else, besides money, do you wish to leave behind and pass on to your beneficiaries?
Legacy can take many forms: providing opportunity for future generations, supporting charitable causes, preserving family traditions, and/or setting an example through the way you live.
Ask yourself the following questions when you begin to craft your estate plan:
- What values have shaped my life?
- Who or what do I want to impact long-term?
- What do I hope my children or community remember about me?
Answers to these questions will frame the foundation of a legacy that’s both meaningful and lasting.
Align Your Estate Plan with Your Values
Once you’ve defined your vision, it’s important to ensure that your estate plan manifests it and contains the right tools to facilitate same, i.e. wills, revocable trusts, irrevocable trusts, charitable planning vehicles, and properly completed beneficiary designations to name just a few.
For example, if education is a core value, you might consider creating a 529 plan or establishing an irrevocable trust to fund your grandchildren’s education. If philanthropy is important to you, a donor-advised fund or charitable trust can help you support causes you care about long after you’re gone.
Communicate Your Intentions Clearly
Legacy planning isn’t just about documents. It’s about conversations. One of the most powerful things you can do is share your intentions with the people who matter most.
Too often, families are left to interpret an estate plan without understanding the reasons behind it. Writing a legacy letter, hosting a family meeting, or simply having a candid discussion about the decisions you have made and the plan you have executed can bring clarity and connection.
Live Your Legacy Now
Legacy isn’t only about what you leave behind. It’s also about how you live today.
Whether you are mentoring the next generation, volunteering, or supporting causes you care about, you are building your legacy in real time. Small, consistent actions like teaching family members about investing or sharing insights from your life experience can have a positive influence.
Building a Legacy, Together
At Crestwood, we help clients shape their legacy through highly personalized estate and financial planning. We can work with you to develop a plan in a way that is tax-efficient, value-driven, and customized to your needs. Whether you are planning for a family business or making sure future generations are supported responsibly, our role is to help you build a plan that honors both your intentions and your legacy.
If you are not yet a Crestwood client, please contact us to see how we can help you turn your vision into a lasting impact and create a meaningful legacy.
