What is Your Legacy?

Death and immortality is a difficult concept to think about, but unfortunately, everybody including young people have a certain period of time in their life. The key estate planning question is how do you plan your legacy. A legacy is a memory or a contribution after your death where your money can have a lasting impact on your family for generations. Many people are not aware of who their great grandparent(s) are because most people do not leave a legacy behind that empowers their children and their childrens' children for generations.

One of the goals of estate planning is to assist you develop what is your life about and how do you want to reward or incentivize your children or your beneficiaries. In most cases, seniors and the elderly and married couples do not plan for the unexpected. With diseases, car accidents, and many other events, we must plan for murphy's law, which is the worst is always coming at the wrong time.

Part of any legacy plan is a Revocable Living Trust or otherwise known as "Living Trust". A Living Trust is an estates and trusts strategy where you write down who shall inherit your wealth and who shall manage your estate in case of your incapacity or death. An estate planning lawyer should listen to your goals and customize your estate plan to meet your goals and your personal beliefs. From many people, it is important to encourage their children or grandchildren to attend college. Your estate plan can detail whether your children or grandchildren's college education will be paid for and who will manage the money. Most of us assume that our loved ones would provide for our future generations, but this is often times a myth, which is found out after one's death.

In conclusion, an estate planning lawyer is important because we help you and your spouse or partner avoid the common pitfalls most people make when planning their life plan or legacy. An estate planning attorney must listen to you and understand how you think and know your family and their problems. Trust is critical in developing any effective attorney and counselor relationship.

Sean Robertson is an estate planning and asset protection attorney that has extensive experience representing seniors, married couples and business owners on planning their legacy and succession plan. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.

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