We all have heard about estate planning. In simple terms, it is about making plans in advance in the name of people or entities that you want to be the rightful owner of your money and assets after you pass away. Estate planning is also known as legacy planning. However, the latter phrase has caused some misconceptions in the minds of people. Because of those misconceptions, many people fail to understand the importance of estate planning and make the mistake of not investing their time and money in this critical planning. In this blog, we will tell you what those misconceptions are. Let’s get started.
Legacy Planning Is Only For Egotistical People
There are certain groups of people who are not comfortable with the idea of developing a legacy and leaving it behind. They find it difficult to imagine that they have or will create a legacy that is worthy of being preserved. One of the biggest mistakes they make in their assumption is, they link preserving legacy with preserving an individual name. They think it is about showing to others how great or unique you are in comparison to them. Legacy planning is obviously not that. It is about health, wealth, wellness, and balance. It is about becoming your best self and achieving highest possible success in your area of expertise. It is not about preserving your name after you die; it is about preserving the work you have done in your life. It is about making a positive impact on the world even after you are gone. It is about enabling your future generations to become their best selves and achieve great heights in their lives. It is about empowering others and positively impacting the world even after your demise.
It Is About Controlling Things Even From The Grave
Another wrong conception about legacy planning is, thinking that it is about dictating things even after your death, which again, is not true. While some people may have that objective in mind when they start legacy planning, it is essential to understand that legacy planning is never about having control. In fact, it is more about giving control to people who can take your legacy forward. After working hard for so many years and creating a legacy, you want your assets and wealth to be handed over to those who have the vision and ability to carry your purpose forward. This is definitely not controlling others but enabling them to become their best selves.
Only Famous Or Rich People Have Legacies
One of the prevalent misconceptions about legacy planning is, it is only for wealthy or famous people. That conception is totally wrong. As a matter of act, everybody has a legacy. It does not matter whether you are a CEO or CFO of a multinational company, a sports player, a teacher, a writer, or a farmer, when you will pass away, you will have a legacy to leave behind. The most important thing to know is, what will that legacy be? That’s exactly what legacy planning is all about. Legacy planning is not about planning for your demise and what happens after that. In true essence, legacy planning is about building legacy. It is about controlling your life, achieving great things in life, and proactively developing the legacy you will, in the end, leave behind. It is not actually about death; it is about life. It is chiefly about what gift you will give to the world or what contribution you will make to the world.
TAKEAWAY
If you too have been avoiding legacy planning because of these wrong conceptions, we will advice you to get in touch with CASHMAN LAW today. We have some of the best legacy planning lawyers in Hawaii who can help you create a happy, fulfilled life for yourself and leave a positive impact on the world when you are gone.
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