Contributed by: Sandra Adams, CFP®
In the normal course of our financial planning reviews and strategy sessions with clients, we review estate planning and the documents that clients should have in place. This ensures that they have protected themselves and their families legally and that their wishes can be carried out during their lifetimes and after their deaths from a healthcare and financial perspective. What we often neglect to discuss are non-legal estate planning documents that are available to help pass on non-financial/non-physical assets to family members.
What am I talking about? In conversations with clients, they often express that they would like to have a way to pass on to their families things like family stories, their most strongly held values, and the wisdom they have spent a lifetime acquiring. As it turns out, there is a document that can be drafted that was designed just for passing on such important family “assets” — it is called a Spiritual Legacy. Again, a Spiritual Legacy is not an actual legal document. However, it is a document that can be left to your family, and for many clients, passing on these important family stories and values is as important as other assets they might be considering leaving behind.
How do you write a Spirit Legacy?
There is no right or wrong way to write your Spirit Legacy. If you would like some guidance on getting started, “Creating a Spirit Legacy” by Daniel Taylor is a great guide that helps you get started and provides exercises on turning your thoughts into good stories to leave to your family. There is also no reason not to start the process early and to review often. While we may believe that we have the best family stories and values in mind to leave behind, we continue to live (and many of us will live long lives), so it is important to continue to edit and revise our Spirit Legacies to always reflect the best of our stories, our current values, and best of our wisdom too.
The next time you review your estate planning documents to make sure they are up to date, be sure to make sure that a Spirit Legacy is on your list. Your kids, grandkids, and great grandkids will be glad you did!
Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc.® Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services.