While much of the estate planning advice available today focuses on finances, there is a lot more to legacy planning than just passing along a house or some bank accounts. Legacy planning can often go beyond the financial and legal aspects of drafting wills and naming executors. Here are some of the things British Columbia adults should consider while making a plan for the future of their family.
One of the things many people forget to plan for is the preservation of their life story and lessons, many of which will have immeasurable value to their descendants. It may be helpful for people to use a notebook or video to record final thoughts. These do not have to be emotional per se; preserving family history and traditions such as old recipes can ensure important knowledge is not lost with the passing of one generation.
People should also consider where personal possessions should go, especially those with emotional value. It is a good idea for people to discuss who will be receiving particularly sentimental pieces with everyone involved. This can help prevent surprises, disappointment and conflict during estate administration.
Along with these more sentimental aspects of legacy planning, a person should take all legal and financial steps needed to define his or her final wishes. This includes listing assets, clarifying beneficiaries, and naming people to carry out plans such as powers of attorney and executors. Those who need help with drafting wills and other legal aspects of estate planning should speak with a British Columbia lawyer for support.