Defining Your Legacy With Estate Planning | By: Jeffrey D. Katz, Esq.

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Defining your legacy in estate planning involves considering what you want to leave behind and how you want to be remembered. One example of a person who carefully considered his legacy in estate planning is Alfred Nobel.

Alfred Nobel was a Swedish chemist, inventor, and entrepreneur who is perhaps best known for creating the Nobel Prizes, which are awarded annually to individuals who have made significant contributions in the fields of physics, chemistry, medicine, literature, and peace. However, before he became known for the Nobel Prizes, Alfred Nobel’s legacy was in danger of being tarnished.

In the 1880s, Alfred Nobel’s company, Bofors, began producing weapons, including the high-explosive shell, which was used in the Franco-Prussian War. When Alfred Nobel’s brother died, a French newspaper mistakenly published an obituary for Alfred Nobel, calling him the “merchant of death”. This incident reportedly had a profound effect on Nobel, who began to reflect on how he wanted to be remembered.

In his later years, Alfred Nobel devoted much of his time and wealth to philanthropy, supporting causes related to education, science, and peace. In his will, he left the majority of his fortune to establish the Nobel Prizes, with the hope that they would encourage and reward those who have worked for the benefit of humanity. By doing so, Nobel was able to redefine his legacy and ensure that he would be remembered not as a merchant of death, but as a champion of peace and progress.

This example illustrates how estate planning can be a powerful tool for defining and shaping one’s legacy. By carefully considering what you want to leave behind and how you want to be remembered, you can create a plan that reflects your values and aspirations and ensures that your legacy will endure.

Redefining your image in an estate plan involves carefully considering how you want to be remembered and taking steps to ensure that your legacy reflects your values and aspirations. Here are some key steps to take when redefining your image in an estate plan:

Define your values and priorities: Before you can begin to redefine your image, you need to have a clear understanding of your values and priorities. Consider what matters most to you, both in terms of your personal life and your legacy.

Consider your past and present reputation: Take an honest look at your past and present reputation. Are there aspects of your legacy that you would like to change or improve upon? Are there areas where you feel you have fallen short of your values or goals?

Identify your goals for your legacy: Think about what you want your legacy to be. Do you want to be remembered for your philanthropy, your business acumen, your family values, or something else? Consider how you want to be remembered by future generations.

Take action to align your legacy with your values: Once you have a clear understanding of your values and goals, you can begin taking steps to align your legacy with them. This may involve making changes to your estate plan, such as increasing your charitable giving or setting up a family foundation. It may also involve taking actions in your personal life, such as volunteering more or becoming more involved in your community.

Communicate your vision to your heirs and beneficiaries: It’s important to communicate your vision for your legacy to your heirs and beneficiaries. This can help ensure that they understand your values and priorities, and are better able to carry on your legacy in the future.

Review and update your estate plan regularly: Finally, it’s important to review and update your estate plan regularly to ensure that it continues to reflect your values and goals. As your life circumstances change and your legacy evolves, you may need to make adjustments to your plan to ensure that it remains aligned with your vision.

By taking these steps, you can redefine your image in an estate plan and ensure that your legacy reflects the person you want to be remembered as–

Jeffrey D. Katz, Managing Partner