I am annoyed. Often I hear people discuss their legacy as the money and assets they will someday pass on. Yes, that is a legacy as defined. But is that all a legacy is?
Okay, bear with me…I have to pull out the dictionary on this one. Merriam-Webster states that a Legacy “is a gift by will especially of money or other personal property”. So at “first blush” people are using it correctly but isn’t there much more than money to a legacy? In my opinion, heck yes! Absolutely.
I had a recent estate planning discussion with a couple. As we chatted and began to draw up some ideas, repeatedly their comments went back to how much life changing money would be left to their children. Along with some other gifts to church, mission work and charities, the plan was typical and completely reasonable. What struck me was that the focus was entirely on the money as their legacy. This is not the couples fault but the error of the larger “finance community” and our culture for this interpretation. I am annoyed that we often think legacy only begins at death when the money is passed on.
There is much more to Legacy than money
If we go back to the dictionary, the other definition of legacy is;
While money can certainly help our children and others, I think we often miss the big picture, which entails a much more important discussion. This other kind of legacy is a healthy, soul searching discussion based on what you value and how you really want to be remembered. Personally, I would like to be remembered for much more than the father, uncle or friend that left money behind. Again I will admit, money is helpful and a blessing…but it is temporary, can be lost and sometimes not really helpful to others in the end. However, the memories, wisdom and time with my wife, kids, friends and clients are the deep and lasting legacy I hope will encourage for years beyond my life. I want to be a good steward of my legacy now. Do you?
And that is the interesting part.
Most legacies are overly focused on “after I am gone”…. While that is true, it is only half of the discussion. The legacy I desire starts now; to impact and imprint itself on others today, tomorrow and then continue as a legacy after me. I challenge myself first in this and my clients as well to think and plan this way.
So let’s change the focus of the conversation to say that legacy is both the money to pass on responsibly AND the lasting impact you have on your loved ones that happens today, tomorrow and for generations to come.
To the Stewardship of Your Legacy,
Luke Fields, CFP®