You might have heard the term "legacy planning."
What it often means is a way to plan for your assets to go to charitable causes in your name, after you pass away. In that sense, it is a form of estate planning and it is something that an estate planning attorney can help you with.
However, strictly speaking your legacy is different from your estate.
It is important to keep that in mind so you know everything you should plan for, as Forbes points out in "What Is Your Legacy, And How Is It Different from Your Estate?"
Your estate, whether in Cincinnati, or elsewhere, is simply everything you own when you pass away.
It is your possessions, including personal property, real estate, business interests, financial accounts or anything else that you can physically possess.
When you do estate planning, you plan for how all of those possessions will be handled after you pass away.
Your legacy, on the other hand, is how you will be remembered after you pass away.
That can be anything from how your immediate family thinks of you to future university students who only you know you from seeing your name on a building.
It means that when you do legacy planning, you plan your estate in a way that adds positive value to your legacy.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Forbes (August 17, 2017) "What Is Your Legacy, And How Is It Different from Your Estate?"