Updated: Jul 29, 2020
Most people who have a good understanding of estate planning typically think that a comprehensive plan includes the documents discussed in Part 1 and Part 2 of this "Empowered Planning in a Pandemic" series: a trust, will, advance health care directive, durable power of attorney, and guardian nominations for minor children. That's true — these documents are critical — but there's more.
When asked to identify their most important legacy to pass down to loved ones, very few people will point to a retirement account or real estate investment.
Instead, they'll remember their grandparents' story of surviving the war, or how their parents instilled in them the value of community by volunteering as a family, or what it felt like to fall in love for the first time.
These intangible assets are the most priceless of all; yet most estate plans have a complete blind spot when it comes to preserving them for future generations.
At Seven Generations Law, we take a more holistic approach to estate planning. As part of every single plan, we take you through a customized process of identifying and documenting these assets with a digital recording so that your precious memories, values, ideas, and family histories will be preserved for generations to come. And, when it comes time for your free plan review every three years, we'll add to your "Legacy Library" so that it continues growing richer as the years pass.
One of the best parts of this legacy preservation process is that it brings back faded memories, helps shape parenting approaches, and clarifies priorities when it comes to living life now. That's why we call it Life + Legacy Planning.
In the end, your most significant wealth will not be measured in dollars and deeds, but rather by the love, ideas, values, and stories that you leave behind. Preserving them for posterity is what truly makes an estate plan whole.