Traditional estate planning in Ohio focuses on planning for what happens after your death. While this is still something you want to do, there is a new trend in estate planning to plan for what happens during your lifetime, too. Combing these two plans is what Forbes defines as legacy planning.
At its heart, legacy planning allows you to plan what you want to happen for the rest of your life. It helps you define your goals, and then determine how reaching your goals will impact those you leave behind at the end of your lifetime.
When you plan a legacy, it can help to ensure that the next generation does not lose or squander whatever you pass on to them, but rather the inheritance helps propel them forward so that they have something to leave to the generation after them. So, in effect, your plan is something that takes generations into consideration instead of focusing only on your direct heirs.
You may include more than just money or property in your legacy estate plan. You could leave a letter explaining why you left certain items to certain people. You might leave instructions for how your heirs can take what you left to them and grow it into something to leave to their own heirs.
Approaching the estate planning process with a legacy mindset also allows you to plan for your future and the remainder of your life. It can help you to set goals for yourself. You can make plans to ensure that you do not take any missteps that could put your estate at risk. This information is for education and is not legal advice.