Meaningful Ways To Leave A Legacy To Your Heirs

Meaningful Ways To Leave A Legacy To Your Heirs

Approaching retirement involves a lot of meticulous and careful planning. Yet this planning may be more intense as you contemplate your will and the legacy you choose to leave behind. There are investment strategies that can help in the process.

Real Estate

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This includes the family home and the vacation home. Both are excellent investments for the future of your heirs. Yet things can get a little tricky because memories and emotions are tied up in both. In these cases, family limited partnerships where wealth is divided and evenly disbursed are best. This requires careful financial planning but can help ease any intense emotions that may arise.

Divide Your Property and Assets

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Make it clear in your will who gets what and how much. Be sure to divide cash, personal property, and assets to the right people. For investments and cash payments, you can set up a trust fund and appoint someone whom you know and trust to act as trust protector. This person will be held accountable for overseeing the timely distribution of funds on a regular basis and will guard the accounts from fraud and financial exploitation.

Leaving a Holistic Legacy

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Financial planning is important, but not every family has the means to do so. In some cases, your legacy can include memories, small items of sentimental value such as jewelry or books, and other family memorabilia. You can leave behind dishes and clothing as well. But there's one trick. Be sure to clear your home of anything unwanted that holds no value to you. Keep your collections simple. Doing so will lessen any emotional intensity and ease your family through this troubled time.

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