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Friday, December 15, 2017

Don’t Forget the Intangibles in Your Estate Plan

How can I bring my loved one’s comfort with my estate plan?

Estate planning usually revolves around the ever important transference of your assets to your spouse, children, and other loved ones.  It is critically important that you prepare your estate to eventually be passed down to your heirs.  Without such planning, your hard earned assets may be subject to extreme taxation, delays, and could potentially not go to the individuals you would have selected.  In addition to preparing your tangible assets for the eventuality of your own death, there are ways that you can pass down intangibles that will forever influence your legacy.  

Character and Intellectual Assets

In addition to your physical assets, you will leave your heirs with lasting character and intellectual assets.  Your character assets encompass your relationships, life experiences, talents, purpose, and much more, while your intellectual assets could include your skills, traditions, business systems, reputation, and the like.  You can package these intangibles from your legacy in a manner that will provide comfort for your loved ones and keep your memory alive.

Preserve Your Intangible Legacy

There are numerous ways in which you can preserve the most important intangible aspects of your legacy while giving your loved one’s peace and comfort after your death.  Consider writing a letter to your heirs to be included along with your will that tells them that you love them and outlines your hopes for their future or words of wisdom gathered from your life.  If you are inclined, you could write a memoir, or even several shorter stories that document the most important periods of your life.

Depending on your unique gifts, you may wish to preserve your memory through film or photography.  A simple compilation of short videos will mean the world to your heirs after your death.  No matter what you choose to pass down, the important thing is to act now.  Far too many of us put off estate planning until it is too late.  Make an appointment to meet with an estate planning attorney today so that you can preserve your monetary assets and intangible assets for generations to come.  

 


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