When we purchase thing, we often do not think about what will happen to them after we pass. Most people who engage in estate planning look at it as a matter of leaving their possessions to their closest loved ones and doing as much as they can to ensure that creditors and tax collectors don't take too big of a bite out of their estate beforehand. While this is certainly a valiant endeavor that everyone should engage in, some Illinois and Indiana residents may want to engage in planning that is larger in scope. These individuals may want to approach estate planning in a way that seeks to protect their legacy.
Why is legacy planning important? Primarily to ensure that wealth remains in the family and has a long-term effect. Studies have shown that standard estate planning results in estate wealth being exhausted by the time it hits its second generation in 70 percent of cases. Ninety percent of the time that wealth is gone by the time it reaches its third generation. By engaging in estate planning that seeks to protect your legacy, you can better ensure that your estate will have a significant impact for generations to come.
So what can you do to better protect your legacy when it comes to estate planning? First, you need to adopt a legacy mindset and understand how your current estate plan fits into that picture. By doing so, you may find that you need to make changes that have the bigger picture in mind. Second, you should clearly identify which estate assets have legacy potential. These assets will likely need to be handled differently through the estate planning process to ensure their viability. Third, you'll need to come up with a team of professionals, including a legal professional, who can help guide you and your plan in a way that ensures its longevity.
When it comes to estate planning, no two cases are alike. This is why it is important for you to discuss your wishes with a legal team that is adept at creating, maintaining and modifying estate plans that are custom-tailored to fit your specific needs.