Your Legacy: Why Leaving More Than Money Matters
August is “What Will Be Your Legacy Month”—a time to reflect, not only on how we’ll be remembered, but on what we leave behind for future generations. Legacy is often viewed through the lens of wealth or estate planning.
Research shows that just over half (55%) of Americans have no estate plan at all, which leaves their wishes—and their loved ones—unprotected.
And while your financial legacy is a big part of the equation, a lasting legacy is so much more than a bank balance.
It’s about your values, your stories, your traditions, and the wisdom you pass on. It’s about the memories you help create, the lives you influence, and the lessons that live on through those who know you.
Here’s a look at the many ways you can build a meaningful legacy that will enrich your family for generations to come.
Financial and Property Legacy
Let’s start with the practical side. “Creating a solid financial legacy doesn’t happen by accident,” says Scott Ente, Senior Vice President, Investments at David Lerner Associates. “It requires planning, intention, and regular upkeep.”
- Wills: A will is one of the most fundamental estate planning tools. It allows you to direct how your property, belongings, and assets are distributed. Without one, state laws could determine what happens to your estate—and it may not reflect your wishes.
- Trusts: A trust can help you transfer wealth in a controlled, often more private way. It allows you to dictate how and when your assets are distributed. This can be especially useful if you have young beneficiaries or complex family dynamics.
- Beneficiary Designations: For accounts like life insurance, annuities, and retirement funds, your named beneficiaries take precedence over your will. It’s critical to keep these updated—especially after major life events like marriage, divorce, or the birth of a child.
- Joint Ownership: If you hold property jointly with rights of survivorship, it passes automatically to the co-owner upon your death—an efficient and often overlooked strategy.
- Business Succession Planning: If you own a business, legacy planning means preparing your company for a future without you. A thoughtful succession plan can protect your employees, preserve your brand, and provide an ongoing source of income for your family.
These tools help ensure that your wealth supports the people and causes you care about. But a truly meaningful legacy also includes what money can’t buy.
Passing Down Values and Wisdom
One of the most powerful forms of wealth is emotional. Your beliefs, traditions, and personal history shape the lives of your loved ones long after you’re gone.
- Share Your Stories: Take time to document or record your life stories—how you overcame adversity, made tough decisions, or built your career. These personal experiences offer insight and inspiration that no financial inheritance can match.
- Create Family Traditions: Whether it’s a holiday ritual, a recipe passed on to generations, or a yearly family trip, traditions connect us across time and deepen our bonds with our loved ones.
- Teach Financial Literacy: Don’t just pass down wealth—pass down the knowledge to manage it wisely. Teach children and grandchildren how to save, invest, budget, and give back. A well-informed heir is one of the greatest gifts you can offer.
- Mentorship and Guidance: Take an active role in guiding younger family members, offering advice, helping them think through life decisions, and encouraging personal growth. You don’t have to be perfect—you just have to be present.
- Philanthropy and Giving Back: If you’re in a position to give charitably, consider aligning your giving with your values. Whether it’s through a foundation, regular donations, or volunteering, your commitment to making a difference can be a powerful part of your legacy.
Practical Steps to Make It Happen
A thoughtful legacy doesn’t come together overnight—but small steps now can make a big difference in the future.
- Talk About It: One of the most important (and often overlooked) steps in legacy planning is having open conversations with your family. Share your wishes, explain your reasoning, and invite questions. It helps prevent confusion and strengthens trust.
- Put It in Writing: Whether it’s a will, a letter to your loved ones, or a personal mission statement, documenting your intentions adds clarity. You can also create a “legacy letter” that shares your hopes, lessons, and messages for future generations.
- Get Expert Advice: Work with a trusted investment counselor or estate planning attorney. They can help you understand your options and create a plan tailored to your goals and circumstances.
Your legacy is the sum of your life’s work—not just in dollars and cents, but in the love you shared, the knowledge you imparted, and the example you set.
As you continue to grow your wealth and plan for the future, take time this month to reflect on what really matters to you. What lessons do you want to pass on? What memories do you hope your family will treasure? What difference do you want to make in the world?
At the end of the day, your legacy isn’t just what you leave behind—it’s what you leave within the people you love.
Material contained in this article is provided for information purposes only. It is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. These materials are provided for general information and educational purposes, based on publicly available information from sources believed to be reliable. We cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.