It’s the big life question of the day—what do you want your legacy to be?
If you’re like most people, this might not be a question you’ve seriously considered before. While it’s common to have plans and life goals (sometimes 5, 10, or even 30+ years into the future), no one likes thinking about their own mortality, much less planning for it.
Spend any amount of time out in the world though, and you’ll come to learn one truism: life throws you major curveballs, often when you least expect it. Big life events cause considerable stress. Just how much? Actually, scientists have measured—it’s known as the Holmes-Rahe Stress Scale. And “Death of a Spouse” and “Death of a Close Family Member” both top the list of the most anxiety-inducing incidents in one’s life.
Untimely passings are always painful for those left behind, but they needn’t be stressful. With just a little bit of forethought, you can leave behind one final parting gift for your loved ones: a plan.
Some questions to ask yourself:
- Where would I like to be buried?
- What should be done with my remains?
- Do I prefer burial or cremation?
- Is establishing a family plot important to me?
Once you have developed a plan, write it down. Establishing a will is the best way to ensure your heirs clearly understand your wishes. You will want to work with an estate planning and probate lawyer to ensure that your instructions are legal and precise. If you have a spouse, talk to them. These could be emotional conversations to broach, but it’s important to get on the same page. Planning before a stressful event is much easier than planning during a stressful event.
If you have the means to do so, one great goal is to leave a debt-free legacy. Consider making arrangements or setting aside funds for funeral services. Picking out burial locations, purchasing plots, and deciding on details like headstones can alleviate a lot of stressful guesswork and decision-making for your family. If you are considering, you can learn more about our services here.
For many, charitable giving is a great way to ensure that your legacy will live on, furthering those pursuits and organizations that you care most about for years to come. If you plan to make a major estate gift to a charitable organization, you might consider establishing a Charitable Remainder Trust. These tax-exempt trusts can generate fixed income later in life using appreciated assets, like stocks. If Historic St. Luke’s mission is something that’s important to you, you can learn about legacy gifts and other ways to further our mission here.
Take the hard step and start planning today. You’ll breathe a huge sigh of relief knowing that your family’s future is secure and stress free.
Take control of your future by planning your estate.
