Ask yourself, “What do I want to be remembered for?”

When we think about the legacy we’d like to leave behind, our thoughts drift toward those more immaterial things that might not fall neatly into a will or estate plan. That’s because true legacy is not just about wealth. It’s about the values and beliefs that define your family’s mission.

For that reason, it’s important for affluent families to establish a robust estate plan for transferring wealth to the next generation and build a substantial legacy plan as well. A legacy plan goes beyond financial inheritance to consider how and when you’ll pass down family values, traditions, and other defining traits to younger family members.

Below, we explore how you can ensure your legacy reflects your mission and values and offer a few simple steps for involving your family in the process.

First, Let’s Define Your Legacy

Beyond financial assets, reflect on what legacy means to you. Your legacy might be a culmination of things like your:

• Values
• Beliefs
• Life lessons
• Cultural traditions
• Community involvement

Consider if there are any unique family stories or traditions that have been passed down to you that you wish to share with your children or grandchildren. You can use these values and stories to shape a legacy that you’re proud of and that resonates with your family’s future generations.

Your legacy should reflect the personal mission that guides your life. Maybe you’ve always been focused on fostering education, promoting social justice, or nurturing a stronger family bond. If it’s important to you it should be considered during the legacy planning process. 

Then, Get Your Family Involved

It’s important to have open and honest conversations with family members about the values and mission you want to pass on as part of your legacy plan. You may find it helpful to create a family mission statement that captures those values and principles—and be sure to share it with everyone, including those who make up the newest branches on your family tree. Throughout this process, you may even find that it brings your family closer together by fostering a shared sense of purpose and aligning your guiding principles across multiple generations.

How to Pass Down Your Legacy

There’s no absolute right or wrong way to pass along your traditions, culture, or values—as long as you feel comfortable and confident that your family understands the legacy you’re trying to leave. 

Perhaps you’d like to create videos of yourself sharing important moments or stories and store them safely in the cloud. Or, you’d like to regularly remind everyone of your favorite traditions during the holidays or over a weekly Sunday supper. Storytelling—and simply the act of gathering together—is a powerful tool for preserving cultural traditions and making lasting memories for generations to come.

Community Involvement and Legacy in South Pasadena

Many of our clients reside, work, and enjoy life in South Pasadena. Because of this, they consider supporting the South Pasadena community an essential part of their legacy planning.

If you’re also a resident of the South Pasadena area, you may want to consider supporting local causes or institutions that align with your family’s values. A few of my favorites are the South Pasadena Tournament of Roses Association, the group that builds our City’s award winning Rose Parade float every year, the South Pasadena Education Foundation (SPEF) who run our community’s summer school program, or the South Pasadena Arts Council (SPARC) who support our City’s arts community. 

These kinds of opportunities are in every community adding a richness and joy to life. Supporting rich histories and involvement like this is what ties families and communities together for generations to come. 

How to Preserve and Protect Your Legacy

As we mentioned before, it’s essential to document and protect the non-financial aspects of your legacy. You can record oral histories, create a family archive, write a memoir, or do anything else that ensures your next generation of loved ones hears you loud and clear.

Some other ideas include:

Write legacy letters: Nothing resonates quite like a personal letter written just for you. Take some time to write a letter to the individual members of your family sharing essential aspects of your legacy and what you’d like them to remember most.

Mentor young ones: If you’re especially involved in the community, say you actively support a local organization or charity, you may want to start getting your youngest family members (think grandchildren or nephews and nieces) involved when possible. Bring them with you when you volunteer, include them in meetings, and share more about the reason why you devote your time and resources to supporting this particular cause.

Involve trusted advisors: You can’t do it all on your own—especially when executing any final wishes after your passing. You may want to engage with several trusted advisors, such as estate planners or family counselors, who can help you establish a solid legacy plan encompassing financial and non-financial elements.

Legacy Planning Starts Here

At Mission Street Wealth Planning, we’re committed to helping you create a legacy that reflects your mission, values, and connection to the community. As we work together, we can help you identify your core values and determine the most effective way to incorporate them into your comprehensive legacy plan.

Your family is an important component of your legacy plan, and we’re happy to work with your entire family to ensure the process is collaborative and aligned with everyone’s shared mission and values.

If you’d like to discuss your values, mission, and goals for legacy planning with our team, reach out now to schedule a complimentary consultation.