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Define Your Legacy

June 13, 20243 min read
wills-&-estates-estate-planning

As we enter each new year, you may take the time to reflect on the past and plan for the future. This could mean thinking about your legacy and taking care of what is most important to you.

Thus, if you haven’t done so already, creating an estate plan can be a step worth taking this year. Defining your legacy in estate planning involves articulating your values, priorities, and aspirations for the future and determining how you want to be remembered by your loved ones and the wider community.

Defining your wishes

A new year can put our priorities in perspective and help us recognize what we want and value. You might decide to be more philanthropic in the future or to build more meaningful relationships, or you might decide to be wiser with spending or quit unhealthy habits. These are not just resolutions; they are reflections of our beliefs and wishes.

Defining your wishes in estate planning involves clarifying your preferences and intentions regarding the management and distribution of your assets, as well as outlining your preferences for medical care and end-of-life decisions. First and foremost, it's essential to clarify how you want your assets to be distributed among your beneficiaries, and designate individuals to make healthcare and financial decisions on your behalf.

Making difficult decisions

When someone gets very ill or passes away, other people may have to make painful choices. They may need to decide:

  • What type of medical treatments a person receives

  • Who will take care of a person’s financial affairs

  • Who is to serve as guardians for your minor children

  • When and whether to stop life-saving efforts

  • Where to lay a person to rest

Estate planning alleviates the burden these matters can put on loved ones by spelling out what you want and do not want others to do. By addressing these difficult decisions in your estate plan, you can provide clarity, security, and peace of mind for yourself and your loved ones, even in the face of life's most challenging circumstances.

Taking stock of your financial legacy

The primary function of estate planning is to distribute and finalize your assets, property and other financial matters. Whether your estate is massive or modest, there will be a legal process to distribute everything in it. This process requires a comprehensive review of your assets, liabilities, investments, and financial goals to understand the full scope of your financial legacy. It involves evaluating the effectiveness of your wealth management strategies, including investment performance, risk management, and tax planning, to ensure that your financial resources are maximized and utilized in alignment with your values and priorities.

When you create a will, trust and other planning tools, you create a roadmap for the courts and those you leave behind. You can dictate everything from charitable gifts to which family member receives a priceless heirloom. Making these decisions yourself can ensure the legacy you leave is an intentional one.

The value of looking ahead

The start of a new year marks an opportunity to look toward the future and decide how you want to shape it. Looking ahead lies in its ability to provide peace of mind, security, and confidence that one's legacy will endure and thrive in the face of future uncertainties. Consulting with experienced professional and creating an estate plan can help you accomplish this.

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Pasquale Filice

Pat is an Ontario lawyer with a boutique practice finely tuned to the sectors of real estate, family law, estate planning and administration, alongside corporate/commercial law. Not just content with a dynamic legal career, his academic backdrop includes degrees in Mathematics, Statistics, and Economics, crowned with a pioneering Masters in Blockchain and Digital Currency. Currently, he's on the exciting path to earning his TEP designation, deepening his expertise in estate planning and administration to new levels. Beyond the legal grind, he's the author of "The Digital Associate - ChatGPT for Lawyers", passionately peeling back the layers of AI and ChatGPT, aiming to unfold their potential to fellow legal eagles. Here, you’ll find a blend of seasoned knowledge and fresh insights, all aimed at simplifying complex concepts without losing their intricacy. Dive in as we explore cutting-edge approaches to delivering legal services, with your engagement lighting the way. Let the exploration begin!

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