Important Legacy Questions You Should Answer in Your Estate Plan

When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan. As you dive deeper into the process, you will need to think about how you envision things unfolding after you have passed away. Aside from your money and property, are there other things you want to leave your loved ones? Any inspiring words or values that you hope they heed? The following questions can help you think about what matters most to you and what you want your loved ones to receive through your estate plan in addition to money and property.

1. What has been your greatest success? What has been your greatest regret?

When reflecting on all that has happened in your life, look at your greatest accomplishments. It is natural for people to want to share their successes with their loved ones. Life’s accomplishments can come in many forms, from personal growth and meaningful relationships to professional and financial achievements. Sharing your triumphs can inspire future generations and guide them toward their own paths of achievement.

At the same time, recalling things that did not go according to plan can provide guidance that is as valuable to your loved ones as your successes. By showing the less-than-glamorous parts of your life, you may be able to help your loved ones avoid the same scenarios. Such information can be separately conveyed to your loved ones in a letter or a video recording.

• What is the greatest lesson you have ever learned?

While you are reflecting on your life, it can be helpful to consider what you have learned from your many experiences. Passing this knowledge on can provide your loved ones with valuable lessons as they head into their next chapters, even though you may not be there with them. Such information can also give them a head start on their peers who may not have the same insights. As with your successes and disappointments, you can include this information in a separate writing or in video format. Sharing photos from your past can add details to a particular life lesson and help your loved ones feel like they were there with you.

• How do you want your loved ones to remember you?

We are all writing the story of our lives. After we pass away, all our loved ones will have of us are the memories we leave behind. Keeping this question top of mind ensures that you have the interactions and make the types of memories with your loved ones that they will cherish and remember fondly. This could include being home for dinner and present with your family at the end of each day, going on an annual family vacation, or hosting family reunions each year with your extended relatives. Ensure that activities or rituals that are important to you are a part of your life so your loved ones can also experience and remember them.

• What kind of future do you want for your loved ones?

Although part of estate planning is about you and protecting what you have worked hard to accumulate, it is also about protecting and providing for the loved ones who will be involved in your estate plan. A comprehensive estate plan includes details regarding the inheritance your loved ones will receive along with instructions you provide for those who will step in to manage things on your behalf.

When it comes to an inheritance, the money and property you leave behind can have a dramatic impact on your loved ones’ futures. If you want your loved ones to have a good education, you can earmark money to send them to postsecondary schools. If you want them to travel and experience other cultures, consider designating money so they can visit other countries. If you hope to encourage charitable giving, you can instruct your loved ones to choose a charity that will receive a certain amount of money at your death.

You can also influence your loved ones in other ways by detailing your wishes in your estate plan. If you need someone to step in and take care of your medical and financial affairs, you can help reduce their stress by having the right tools in place and explaining how you want things handled. Your living trust and financial power of attorney can provide guidance on how your money is to be managed. Your medical power of attorney and advance directive can provide instructions about your healthcare. Together, these tools can help you rest assured that you will be cared for in the manner you desire, even though you may not be able to otherwise communicate your wishes. Having a properly executed estate plan that lays out all of your wishes during life and at your death can also help reduce interpersonal conflicts and ensure that your loved ones can process their grief without additional stress.

Estate planning is a process. We want to ensure that your plan includes all facets of your life, not just the money and property you have accumulated. To start or update your estate plan, call or email us at (408) 371-6000 or info@sowardslawfirm.com.