Inheritance not all about money

Leave a legacy of wisdom, values by sharing with loved ones before you die

Too often in the world of wealth management, estate planning is about splitting up the money after people are gone. I think this is too bad. For me, leaving a legacy of wisdom and love is more important than leaving money.

When I think of estate planning, I focus on what makes a good life and what the things are that shape such a life and create value in it. A worthwhile approach is to think about how you can share your wisdom with those you care about and give them a picture and a memory of who you are for years to come. Here are some ways to do that:

Write a letter to each of your loved ones. If you have a spouse, a couple of kids, grandchildren, good friends and some others who are important in your life, that is a lot of work. But I hope you take the time to do this. You should personalize each letter with stories that have meaning for each person. I believe spending time reflecting on what your family and friends mean to you is an activity you’ll enjoy.

Make a video of yourself. I’m 62. I don’t think I’ll have the opportunity to directly talk to my great-grandchildren. Thanks to the technology, an easy way to let your future generations know something about you is to make a video. You can share stories about your life, values that you want to pass on, and hopes and dreams you have for them.

Record what you’ve learned. Over the past couple of decades, you accumulate enough wisdom. You can talk about, either in written or electronic form, your view of life. You can talk about what mistakes you made personally or generationally, how you feel about the mistakes and what the takeaways are.

Tell people you love them while you are alive. One of the problems with estate planning is that your loved ones don’t find out what is on your mind until you’re dead. Don’t forget to tell people how much you love them. You never know when the last time is that you have the chance to say that.