Creating a Lasting Legacy: Family Wealth Management Beyond the Bank Account

Oct 13, 2024 | Blog

How to live your legacy

The 100-Year Lens in Legacy Planning

Legacy planning isn’t just about leaving money behind—it’s about how you wish to be remembered, starting now. Using the “100-year lens,” we encourage you to think beyond wealth and into the long-term impact your actions and values will have on your family and community. Life can be long, but unpredictable, and proactive steps taken today can leave a lasting legacy of care and purpose.

Why Start Giving Now as Part of Your Legacy?

Too often, legacy planning focuses narrowly on helping children buy homes. While important, it’s just one piece of the broader family wealth management puzzle. Charitable giving, done while you’re alive, allows you to see the immediate impact of your actions. Through meaningful contributions, your legacy becomes more than a financial footprint—it reflects your values, guiding the next chapter of your family’s story.

Identify Local Causes Where Your Time and Effort Matter

Legacy planning is about much more than financial gifts. Look for local causes that need your involvement, whether it’s supporting a community project or volunteering for an organisation. Your time and passion can have as much impact as your wealth. For example, organisations like Rotary—where I’m personally involved—have a long history of community service but often struggle to recruit new members. This hands-on involvement not only helps others but enriches your own legacy.

The Power of Donating Time: How You Can Add Value

You don’t have to be wealthy to leave a lasting impact. Donating your time can be just as valuable, and it offers a unique behind-the-scenes look at how your contributions are being used. Volunteering with an organisation you’re passionate about allows you to shape its future and ensure your legacy is driven by more than just financial support. Plus, if you’re still working, it’s a great way to transition into retirement while staying engaged in meaningful activities.

Involving Your Family in Your Legacy Planning

Legacy planning is more powerful when it becomes a family endeavour. Engaging your loved ones in discussions around charitable goals can create shared values and a sense of purpose. Establishing family trusts, or charitable organisations managed by your heirs, is one way to ensure that your family is involved in giving back. It’s about creating a legacy that extends beyond wealth, teaching future generations the importance of service and community.

The Role of Financial Planning in Charitable Giving

While donating time is important, strategic financial planning can help maximize your charitable giving. Establishing family trusts, or setting up charitable foundations, can ensure your financial contributions have a long-lasting impact. As part of our family wealth management services, we’ll work with you to align your charitable goals with your overall financial plan, ensuring that your legacy continues long after you’re gone.

Live Your Legacy

Our philosophy is rooted in maximising your Return on Life—ensuring you’re not just financially secure, but also fulfilled throughout your life. Legacy planning is an integral part of this process. Whether through financial giving, volunteering, or sharing your values with your family, you can shape your legacy today. With our New Chapter Package, we’ll continue to explore and refine your legacy, making sure it’s aligned with your long-term goals. To start planning your lasting impact, download our eBook, Why do you need a Real Life Estate Plan?.

General Advice Disclaimer Please note, the information provided herein is general in nature and does not consider your personal circumstances. It is not intended as legal, tax, or personal advice. Always seek personalised financial advice to ensure your estate planning aligns with your unique situation and goals