There are pragmatic matters to address when you are planning your estate, and of course it is important to take stock of your assets and decide how you would like to distribute them upon your passing. Doing the above involves making some smart financial decisions that require intellect, but there can be a profound emotional component to it as well. You have to consider what you would like to give to each of your loved ones and why, and aside from doing the math this can involve a great deal of soul searching.
Discussions about estate planning often times veer away from this emotional component for a number of reasons. It seems sad to consider such a permanent goodbye, and in a sense there is so much to say that you find that it is hard to say anything at all, and this is understandable. However, the sum total of your life far exceeds the possessions that you accumulated. Who you are and what you have experienced is a commodity in itself, but trying to externalize it can be like trying to catch lightening in a bottle.
One way to leave behind a personal legacy that all of your loved ones can share in equally is to record your memoirs either orally or in writing and include them in your estate. By doing this you make your wisdom and experience available to young family members who never got the chance to know you very well.
You also keep the lessons that you learned from your own parents and grandparents alive when you recount your early memories. And finally, as you share your perspective on events that some of your family members participated in, they may gain a new understanding that leads to healing something, and that is a gift that money can’t buy.
- Important Subjects to Discuss with Your Estate Planning Attorney - January 23, 2023
- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023
