How Legacy Planning Differs from Estate Planning

Although estate planning involves such matters as preparing for potential short-term incapacity and making end-of-life health care decisions, among others, its primary function is to provide a vehicle to protect, grow and ultimately distribute financial assets. Resources like investment accounts, real estate, personal property and business interests are tangible assets that traditional estate planning addresses. Legacy planning certainly includes the traditional aspects of estate planning but goes one step further by providing a means for you to consider and pass down for future generations some of your intangible assets. 

Who you are

While it is true many of us are defined by the things we acquire and the lifestyle we live, there is usually some underlying moral system or philosophy that has been a guiding factor in building a successful life. It often takes some time and degree of introspection to articulate what is important in your life and how you wish to be remembered. Incorporating these values into your estate plan is what legacy planning is all about. 

Financial Planning to preserve your legacy

A most effective way to ensure your values are passed down is to create a trust with terms that reflect those choices. For instance, your trust can designate certain funds are to be used only in the pursuit of higher education. And while you certainly can bequeath assets outright to charitable organizations, you may consider establishing a foundation to provide assistance to a cause, which can provide benefits long after you’re gone.

Work with a financial planner

A typical estate plan requires working primarily with an estate planning attorney, but to create a legacy plan it is beneficial to consult with a financial planner who will listen to you and understand what is important to you.

We at Spinnaker treat each of our clients like the unique individuals they are. We can help you create a financial plan for your investments that will provide a strong and lasting financial legacy for your family for generations to come. 


The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to the accuracy or completeness, has been obtained from sources we believe to be reliable. Opinions expressed herein are subject to change without notice.


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