What is a Legacy Plan?
A Legacy Plan is a term many in the financial realm refer to when it comes to your end of life preparation for your family. Specifically, it is the document, folder, or drawer that contains all of your end of life documents. This plan most likely would include a last will and testament, life insurance documents, financial records and wishes for your memorial.
Why is it important?
There are many reasons why it is important to have your personal affairs in order regarding the end of your life. In particular, it is important to have all of your wishes spelled out clearly so those who are left to ensure your wishes are carried out can do so with confidence that your memorial and other wishes for charitable giving is done exactly as you wish. Another reason is to take the burden off of your family that remains with the loss of your passing. Often times people are left to riffle through documents, make calls to banks and insurance companies trying to gather information. When a legacy plan is prepared the person who carries out your will does not have the extra stress of wondering how to fulfill your wishes. The binder or folder spells it all out clearly.
How can you set one up?
A Legacy Plan is fairly simple to set up. You will need to gather up a lot of important documents and spend some time thinking about how you want your passing to proceed. The manner in which the plan is housed is entirely up to you. A large three ring binder is effective. With this, you are able to lock all the documents you wish into one safe holding place. You can also make changes to it with ease and update as needed. However there are other binders, hanging folders, safes, envelopes that also serve the same purpose just as well. Try a few out and find one that fits your style.
The main items you want to include in a Legacy Plan is a copy of will and estate plan, proof of home purchase, other significant purchases, life insurance policies with beneficiaries listed, checking and savings accounts with access information, as well as investment accounts with beneficiaries and access information. An additional piece of information you should include any specific wishes you have for the day of your memorial, like songs to be played, guests to speak and any other item that is important to note for those who remain. The last thing you will want to include is the contact information of where and how you wish to be treated in your passing. This is difficult to plan for but having it spelled out makes it so much easier on the family that will live on after you are gone.
In closing, a Legacy Plan is a important and vital tool that you should be preparing and updating throughout your life. It is something that will change and be updated as you mature and your life changes. It is important that your affairs are preserved after you are gone and more importantly the loved ones left behind can have peace of mind knowing that the stress of the decisions are already made. At Andrews & Arbenz, we are a Tacoma attorney firm that has a wealth of experience in estate planning and end of life preparation. Contact us today to see how we can help meet your estate planning needs.