A Guide to Preserving Your Family Legacy
Achieving a family legacy is an important goal that requires thoughtful planning and dedication. Building and maintaining your family legacy is no easy task, but doing so can provide a meaningful foundation for future generations.
What is a Family Legacy
A family legacy is the unique blend of assets, values, traditions, and stories that you pass down through generations. It’s not only about the material wealth you accumulate, but the enduring impact you make on your loved ones. By intentionally shaping your family legacy, you can ensure your life’s work lives on long after you’re gone, not just in the form of assets handed down.
The key to creating a meaningful family legacy lies in identifying and upholding the core principles that matter most to you. These could include virtues like integrity, philanthropy, entrepreneurship, or a love of adventure. When you make these values the foundation of your family’s identity, you give your descendants a sense of purpose and belonging that transcends time.
Five Tips to Preserving Your Family Legacy
Write a Will
Creating a will is one of the most important things you can do to protect your family’s future. Without a clear plan in place, your loved ones could face unnecessary challenges and heartache during an already difficult time. A will allows you to specify how you want your property and personal belongings to be handled after you’re gone — giving you control over your legacy.
Furthermore, working with a qualified professional is the best way to make certain your wishes are legally binding, and your assets are distributed according to your preferences. You should also be sure to review and update your will regularly. Life circumstances change, so it’s crucial to review your will periodically and make any necessary revisions. This keeps your plan current and your family’s future secure.
Documentation
Another way to preserve your family legacy is through documentation and storytelling. Sharing family anecdotes, significant events, and cherished memories can be done through written memoirs, recorded audio or video interviews, or even digital blogs. This not only keeps the history alive but also provides context for younger family members, helping them understand their roots and their legacy.
Educate the Next Generation
To ensure that the family legacy endures for generations to come, it’s essential to actively engage your younger family members in the process. Encourage them to take part in documenting family history, preserving and passing down cherished traditions, and embracing the mission and core values that define your family. By involving and investing in the younger generation, you can help guarantee that the legacy continues to thrive and remains a meaningful part of your family’s identity.
Creating a Family Tree
Another effective method is to create a family tree, which visually represents the lineage and connections within the family. This can be done through photographs, birth and marriage certificates, and other important documents. Genealogy websites and software make it easier than ever to construct detailed family trees. In addition, organizing annual family reunions or gatherings can reinforce these connections, allowing family members to connect, reminisce about the past, and create new memories together.
Preserving Heirlooms & Traditions
Lastly, preserving tangible heirlooms and traditions is crucial. Heirlooms such as jewelry, letters, furniture, or even recipes carry sentimental value and are often passed down through generations. Ensuring these items are well-maintained and documenting their histories can add depth to a family’s legacy. Similarly, upholding family traditions, whether they are holiday celebrations, unique rituals, or specific cultural practices, helps in keeping the family’s identity intact. By combining these methods, families can create a lasting legacy that honours their past and inspires future generations.
How Bloom Investment Counsel Can Help You Maintain an Investing Legacy
Part of maintaining a legacy is ensuring that your investment objectives are maintained.
Since 1985, Bloom has been providing investment management services to wealthy individuals, family offices, foundations, institutions, corporations and trusts. Learn more how Bloom can help protect, preserve and grow your investment legacy by contacting us at infor@bloominvestmentcounsel.com or by calling 416–861–9941.
This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.