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The Goals of Legacy Planning

January 4th, 2013 Personal Finance

Financial planning is all about safeguarding yourself and loved ones from any monetary difficulties in the future. One of the best ways to do this is to plan a legacy, which is basically a certain amount of money or an object that you want passed down to members of your family. If you're not sure where to begin, here are a couple goals to keep in mind that may help.

1. Financial security. This is probably the main reason you would want to plan on a legacy. You never know what sort of financial troubles your family may run into, which is why you'll want to leave them with a decent amount of money to help should anything arise. In order to do this, you need to shore up your own situation right now. The better off you are in the present, the easier it will be to plan for the future.

2. Estate caretaking. Of course, a legacy is more than simply leaving a lump sum of money for members of your family. If you have a household that you're particularly proud of, you'll want to make sure it stays in the right hands. One thing to keep in mind is that you'll want to make sure you leave specific instructions about how your assets are to be divided and cared for - it can be difficult for members of your family to figure this out for themselves. The better you explain yourself in your will, the easier a time your loved ones will have.

As you can see, planning your legacy is something that requires a fair amount of time and dedication. However, the sooner you take care of it, the sooner you can relax knowing that your family is taken care of.