‘Building a strong family legacy takes more than just money.’
One of the sobering facts of life is ageing. As we grow older, we want to spend the time we have left in meaningful pursuits. Among those pursuits is doing everything we can to leave something valuable to our loved ones and the generations that will come – this often ranges from money to estates and even family heirlooms.
Beyond wealth transfer, however, is building a family legacy. As a parent you should ask yourself intentional questions about what you want to see in your children 10, 20, and 100 years down the road.
To help you move from simply asset transfers and build something you are proud to leave behind, we will consider 5 principles of successful family legacy planning.
5 Principles for Creating a Successful Family Legacy
Legacy planning requires keeping in touch, thoughtful actions and teaching your children to ensure its success.
Perhaps the most vital factor for passing history between generations is building trust and healthy family relationships, allowing all members of your family tree to flourish.
The principles discussed here are rooted in this concept.
1. Identify Family Values and Goals
What do you value most? As the family leader, what you define as important, you will invest time and resources. Naturally, children will adopt it, passing it down through the generations.
That’s why identifying values you want your family to reflect is central to legacy. Some meaningful ones are; faith, purpose, character, and relationships.
2. Collaborate in Planning
Plan together. A successful family legacy is the result of integrated planning. Whether financial or otherwise, you must first define goals and communicate them with your family members.
3. Develop Traditions
Family traditions play an integral role in the upbringing of children. They create a sense of belonging and security and help them find an identity.
Every time you make memories, they become the priceless treasures that make up a unique family identity for your children.
Remember, traditions can be as simple as bedtime routines or big trips. The holidays provide many possibilities for making new memories and strengthening bonds.
The sustained traditions over the years weave into the fabric of your life legacy.
4. Develop the Younger Generation
Spending time together as a family is the best way to ensure that your legacy will live on.
Involve children in family business management, age-appropriate responsibilities and learning so they can successfully preserve your wealth and family legacy.
5. Spread Your Wings
The most important part of a family legacy is having an impact that goes beyond your home.
In a world that can be self-focused, extending legacies to help others is noble.
You don’t have to be the queen to accomplish this, teaching children how to treat others with grace and kindness is a form of family legacy.
How Can Autumn Whispers Help Your Legacy Planning?
It is never too early to think about how you want to be remembered. Why not connect with people that matter and save critical family history, don’t leave it all to chance. Autumn Whispers provides you a secure digital vault where you can preserve your legacy memories including:
You can upload and store files, assign a guardian, and manage who can access them.