When we talk about legacy in Wills & Estate Planning, we refer to more than just the material possessions or wealth one leaves behind. Legacy encompasses the broader, more profound impact that an individual wishes to have on the lives of their loved ones, family, their communities and the world at large. It is about creating something enduring that outlives the individual and continues to influence and shape the future in positive ways.

Traditionally, Wills and Estate Planning has focused primarily on the distribution of assets - such as money, real estate, investments, and personal property—after one's death. This is undoubtedly a critical component, as these assets can provide financial security and stability for future generations. However, the concept of legacy in Estate Planning goes way beyond the mere transfer of wealth and personal items.

Financial Legacy
This is the most straightforward aspect of legacy. It includes the money, properties, stocks, businesses, and other tangible assets passed down to beneficiaries. An effective Will Ensures that these assets are distributed according to the individual's wishes, with considerations for tax implications, the needs of the beneficiaries, and potential future contingencies.

Personal and Emotional Legacy
Beyond financial considerations, many people are increasingly concerned with the emotional and personal legacy they will leave behind. This can include family traditions, values, life lessons, and the stories that define who they were as individuals. Estate planning can include writing letters to loved ones, creating video messages, or recording memoirs. These personal touches help ensure that the individual's values and experiences resonate with future generations.

Cultural and Intellectual Legacy
Some people may focus on preserving their cultural heritage, family history, or intellectual contributions. This could involve passing down important family artefacts, preserving cultural practices, or ensuring that significant personal writings, research, or creative works are safeguarded and shared with future generations.

Business Legacy
Ensured business continuity can be a significant part of business owners' legacy. This involves succession planning, where the business is passed down to a family member, sold to a trusted partner, or transitioned to new leadership in a way that honours the founder's vision and values.

In our next instalment on legacy, we will delve further into the personal & emotional legacy component, exploring how these aspects can be carefully crafted and preserved for generations to come.