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Leaving a Legacy: 4 Types to Consider

Many people think that leaving behind a legacy is only for the rich, but the truth is, you don’t need to be a millionaire to leave a legacy. Yes, finances are an important piece of the puzzle, but there are other intangible aspects that are just as significant—your values, memories, experiences and character. These are the things your loved ones and community will remember about you after you’re gone.

Are you wondering about leaving behind a legacy that’s meaningful and enduring? Check out these four types of legacy for you to consider.

  1. Leaving a Family Legacy

How much do your kids and grandkids know about your life? Do they know what your first job was? What about your first car? Do they know what your life was like when you were in school? Do they know the names of your grandparents? These details may not seem important, but when your descendants understand who and where they came from, they can learn more about themselves. Here are some ways to preserve your family legacy:

  • Record family traditions: Write them down even if they aren’t practiced anymore.
  • Write down family stories: Perhaps your dad was a WWII veteran, or your great aunt was a wonderful artist. Preserve all the stories you have about your family.
  • Record stories about yourself: Share your experiences and perspectives about life. You could write your stories or create a video diary.
  • Compile family recipes: Make copies and share them with family.
  • Become the family historian: Use a genealogical website to create your family tree and timeline.
  1. Leaving a Community Legacy

What kind of impact would you like to make on society? How would you like to better your community? Giving your time, talent and resources to causes that you hold dear will help you leave a positive impact on the world around you. Here are some ideas to help you with leaving behind a legacy of generosity in your community:

  • Volunteer: Donate your talent, time and skills to organizations you value.
  • Participate: Whether it’s the town parade, Friday night football or the church potluck, show up and participate in community events.
  • Lend a helping hand: When you see a need, do what you can to fulfill it.
  • Make charitable donations: Give what you can, when you can. You can also allocate money after you pass through a charitable bequest.
  1. Leaving a Career Legacy

For many people, work isn’t just about money; it also connects them to a deeper purpose and allows them to contribute to society. These ideas will help you leave a lasting impact in your company, field or industry:

  • Be a mentor: Share your wisdom with the next generation of professionals in your field.
  • Share your knowledge: If you’re in a position to share your career experience through a blog, social media or publication, this will help ensure your expertise aids others in your industry.
  • Stay connected: Don’t dip out of your professional network when you retire. Stay connected and engaged and be a resource when help is needed.

Thinking about unretiring and heading back to work? Get 3 tips for finding a remote job.

  1. Leaving a Financial Legacy

Passing down assets to your children, grandchildren and/or other loved ones helps create stability for them. It also helps give them more opportunities and build financial security. Here are things to consider when creating a financial legacy:

  • Prioritize estate planning: No matter how much you have, you need a will or trust to ensure your wishes are fulfilled. Work with professionals like an estate planning attorney, tax advisor, insurance agent and financial professional to put a plan in place.
  • Purchase life insurance: Life insurance benefits can help your family pay off debt, fund college or retirement, and build financial security. It can also help you build generational wealth.
  • Share financial literacy: You don’t need to be an expert to help pass a foundation of financial literacy to your family. Sharing books, podcasts and financial content can help your family become more financially literate. Also consider looping your family in on meetings with your financial team to help build their understanding of personal finance and ensure your financial plans are carried out smoothly.

Want more? Check out our blog, Life insurance at every stage of life.

We’re Here for You!

Bankers Life is here to help you leave behind the legacy you desire for your family. We have the right solutions to help families grow, protect and pass on wealth. Learn more about us here.