Leaving a legacy

As a holistic financial adviser, in every initial meeting I have with a client, we explore the things they most want in life. And whether the person I am meeting with has a large or small family, or a tight-knit circle of friends, a very frequent topic of discussion is leaving a legacy.

So, what is a legacy?
A legacy is typically what you will be remembered for, or the lasting impact you will have on your loved ones, your community, or even the world. And exactly what this will look like is not always in our control, but with some careful planning we can lay a strong groundwork for our wishes to eventuate. Some want to support their children and grandchildren with the purchase of their first or subsequent property, their education, and their business ventures. Others have a business, property, or other important asset they want to make sure is kept in the charge of loved ones or capable successors. There could be charities or causes dear to their heart that they want to support.

When thinking about the mark you want to make on the world, the following are some tips to help you to gain clarity before you start incorporating your desired legacy into your planning for the future:

When thinking about the mark you want to make on the world, the following are some tips to help you to gain clarity before you start incorporating your desired legacy into your planning for the future:

1. Is there a specific person or people you want to support? For instance, this may be your family unit, specific family members, a friend, employees, or a certain group of people affected by illnesses or issues that you care deeply about.
2. What would you like to be associated with, or remembered for? Perhaps you’d like to be remembered for certain values that you’d like to help instill in others. Is it your love for the arts, or the importance of education? Maybe it’s generosity, or family, or your commitment to reducing homelessness or depression?
3. Are there any specific ways you would like to provide your support in your lifetime? For instance, do you want to volunteer your time regularly? This could be for a charity, but perhaps it’s as a mentor either in the community or within your industry or profession. Is there pro bono work you’d like to do and, when you have retired, would you like to give your time by serving on a board in an unpaid role? Perhaps you want to support a less privileged child through their studies by establishing a scholarship? What about a foundation that supports causes that you have a particular affinity with?
4. Are there specific things you want to happen after your death? Perhaps you have been the steward of your family’s wealth and want to ensure its safe passage to future generations to ensure your children and their children can live a life without financial concern? Maybe there is a specific family member you want to make sure is taken care of because they can’t do this for themselves. Understanding what you would like to happen after you have passed can help us then consider whether you have appropriate arrangements in place to adequately capture such testamentary wishes.

Whatever legacy you want to leave behind, it is important to know what you value and the impact you want to have on those you care about. While some of us may have strong views on this already, for many this will develop and be refined over time.

When considering strategies and decisions that are right for you, it is crucial to understand your goals and objectives, including any there may be relating to your desired legacy.

Want to have a confidential conversation and learn more about how independent and holistic financial advice may help you or someone you care about? Feel free to reach out for a complimentary, no-obligation phone conversation on +61 7 3521 8044 or email us at Enquiries@brisbaneindependent.com.au.