Address: US
Price range: $

March: Legacy & Estate Planning

People often use the words estate and legacy planning interchangeably. This post highlights the difference between the two and covers a few essential questions to ask yourself when planning for your legacy and estate.

What is your legacy?

You live your legacy every day, through your work, charitable endeavors, and your family. Legacy planning involves passing on less tangible items, such as imparting certain values to loved ones.

Questions to help define your legacy:

What is the purpose of your wealth?
What do you want people and your community to remember about you?

What is estate planning?

Estate planning is about planning for the people and charities you care for.

Questions to ask yourself:

Based off your situation today, who would you see being involved in your estate plan?
If you died yesterday, how would you have wanted your assets to pass?

The key to both legacy and estate planning is communicating your wishes to your family or close friends.

Basic documents that everyone needs:

Will: lists how you wish your assets to pass
Durable Financial Power of Attorney: handles your financial affairs if you become incapacitated
Living Will or Advanced Medical Directive: Expresses your wishes as to how your designated agent should proceed in certain specific circumstances such as how and when you wish to receive medical treatments in the event of a terminal illness.

We highly recommend discussing with an estate attorney your wishes when it comes to passing your assets and planning for your legacy.

Melissa Dotson, CFP®, CSLP®

Financial Planning Associate

Melissa came to Narwhal in the summer of 2018 following the completion of her master’s degree in financial planning from the University of Georgia, where she also earned her bachelor’s degree in consumer economics. Her interest in the field started with learning about consumer behavior, specifically its relation with complex moneymaking decisions. Melissa recently received her CFP® Certification in January 2021. Working with a CFP® professional can help you find the path to achieving your financial goals. Your goals may evolve over the years as a result of shifts in your lifestyle or circumstances such as an inheritance, career change, marriage, house purchase , or a growing family. Melissa is here to help you through that process. When she’s not working, Melissa enjoys cycling, cooking, and spending time with her beagle and two nieces.

Mel's Monthly Money Tips: Legacy & Estate Planning

Melissa Dotson, CFP®, CSLP®

Let’s start the conversation.