Preserving a legacy in an estate plan requires legal advice

by | Oct 5, 2018 | Estate Planning |

Since New York is a state with such a vast array of people with different lifestyles, goals and interests, an estate plan must address the individual’s needs in a similar way. For some, the estate plan requires strategies for legacy planning. With a legacy plan, the person who creates the estate plan – the testator – has it in mind to pass more than their bank accounts, property and other items in a portfolio to loved ones. Understanding how to ensure a legacy plan suits the individual’s needs is one of the key factors in its success. Legal assistance toward that end is a must.

Legacy planning and its details can vary. If the testator is thinking beyond tangible property and wants to impart his or her wisdom, ensure that their values are upheld, maintain family heirlooms and keep memories alive, a legacy plan can be of immense value. Every person who is even thinking about a legacy plan will have their own reasons for doing so. It depends on the individual. Having a law firm that understands these issues and can break it down in an understandable way is invaluable.

Legacy plans can include such goals as leaving a message to a loved one for a holiday, special day or special occasion. For others, there are items they want loved ones and other heirs to have such as sentimental property, paintings, photographs, written works and more. These items might or might not have financial value on the open market, but they are important to the testator and therefore can be part of a legacy plan.

For many, the estate plan is a simple matter of protecting themselves and their loved ones for the unavoidable future when they have passed on. They want to provide a guideline as to how their assets will be provided to the entities they prefer. For others, it is a more personal situation where they are better served to consider legacy planning. Having legal assistance for this is critical and an experienced estate planning law firm can help.