There aren't many people who are excited to think about what will happen to their assets and their memory after they die. This is a depressing topic for most people, but a new buzzword is helping make this estate planning process more attractive to a broader audience.
"Legacy planning" is beginning to take the place of estate planning for many Parsippany residents. Some may think that leaving a legacy is a bit braggadocio. But, legacy planning actually involves a person creating their best life and then preserving that life work for future generations. A legacy plan should empower heirs to become their best selves as well. A legacy plan also allows future generations to be intentional in carrying out a person's wishes with their assets after they die. And, a legacy plan is for everyone, not just for those who are famous or accomplished important things. Everyone has a legacy to leave behind, but they are built while a person is still alive. Having a plan in place can be a good way for a person to stay on track and feel like they have a purpose.
Estate planning is important for everyone, regardless of financial circumstances. A legal professional who specializes in estate planning can help a person plan for the future. An attorney understands the trepidation a person may feel in creating an estate plan and can guide a person through the process with their current and future goals in mind.
Regardless of what you call it, estate planning is on the minds of many New Jersey residents. Having a plan in place can prepare a family for the inevitable and help give them peace of mind that everything will be taken care of the way they want it to be done.
Source: forbes.com, "Three common misconceptions about legacy planning", Daniel Scott, Nov. 15, 2017