“When taking a strictly financial- and estate-planning perspective, leaving a “legacy” is one of those topics that can seem overly narrow. It’s about leaving assets behind for children, grandchildren, and other loved ones, as well as charity if we so choose. It’s about making sure we don’t burden the people we care about. Those are crucial considerations, and they’re why everyone needs an estate plan that includes wills, powers of attorney, and beneficiary designations, among other key documents.
But while you’re at it, why not think big-picture about your legacy, too? What do you hope people will say about you after you’re gone? What life philosophy or pieces of wisdom do you hope that your loved ones will always associate with you? If you find yourself with a bit of extra time for introspection, write down a few ideas along these lines. And no, you’re not too young to start thinking about this.
You can find templates for creating a “personal legacy” online, but my advice is not to overthink it. Balance more serious ideas with more lighthearted ones. At my father’s funeral, my husband read several of pieces of wisdom we had all learned from my dad, ranging from mundane but joyful (“never say no to ice cream” and “put extra olives in the martini”) to more profound (“embrace progress” and “pick the plants that haven’t yet bloomed because watching them bloom and grow is the best part”). We all have credos that we live by; make sure your loved ones know yours.” Christine Benz from Morningstar.
Some useful words to help you think about your legacy.