Legacy Planning Beyond the Will: Passing On More Than Money

When most people think of legacy planning, their minds go straight to writing a will or setting up a trust. Those are certainly important steps, but a true legacy goes beyond legal documents. Legacy planning is about more than simply distributing assets.  It’s about leaving behind your values, your faith, and your wisdom to guide the next generation.

Proverbs 13:22 tells us, “A good man leaves an inheritance to his children’s children.” An inheritance isn’t only financial. It also includes the example we set, the principles we live by, and the guidance we give our families. Money without wisdom can quickly be lost, but money paired with faith and understanding can transform generations.

The Foundation of Legacy Planning

Legacy planning begins with recognizing the difference between inheritance and legacy. Inheritance is what you leave for your children—property, money, and other assets. Legacy is what you leave in your children—the wisdom, character, and values that shape how they live.

This distinction is at the heart of biblical teaching. Deuteronomy 6:6–7 urges parents to impress God’s commandments upon their children: “Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.” A financial inheritance without spiritual and moral grounding can quickly become a stumbling block rather than a blessing. But when faith and values accompany wealth, your legacy can endure into future generations.

Essential Financial Documents

That said, financial and legal documents remain the foundation of legacy planning. Without them, your wishes may never be carried out as intended. Key documents include:

• Wills and Trusts: These documents outline how your assets will be distributed. A trust can provide more control and privacy, while a will ensures that your wishes are clear and will be carried out.

• Beneficiary Designations: Retirement accounts, life insurance policies, and certain investment accounts pass directly to named beneficiaries, regardless of what is written in the will. It is essential to keep these updated and coordinated with your wishes.

• Powers of Attorney and Healthcare Directives: These protect you and your family if you become unable to make financial or medical decisions for yourself while you are still living.

These documents are important, but they are not sufficient on their own. They must be paired with wisdom and communication to create a true legacy.

Passing on Values and Wisdom

One of the most meaningful parts of legacy planning is passing down what matters most—your values. Money can be lost or spent, but principles can shape lives for generations.

Consider writing a “legacy letter” (sometimes called an ethical will). This is a personal document where you share your story, life lessons, and hopes for your family. Unlike a legal will, a legacy letter is not about dividing assets but about imparting meaning.

Family meetings can also be powerful. Sadly, one of the most common outcomes of poor planning is family conflict. Even small estates can lead to disputes if expectations are not managed and wishes are not communicated.

Gathering children and grandchildren to talk about your goals, your generosity, and your life journey can create unity and clarity. These conversations may not always be easy, but they prevent surprises and misunderstandings later.  The advisors in our firm have helped facilitate several of these and they have all been well-received by our clients.

By being proactive, you reduce the chances of misunderstandings. Open communication is key. Share your reasoning for how assets will be divided. Encourage dialogue and questions. When heirs understand your values and your heart, they are far more likely to honor your wishes.

Teaching financial stewardship is another vital piece. Model generosity and wise management of resources. Invite your children into conversations about giving and investing. When you leave not just wealth but also guiding principles for using it, you create something far greater than money.

Ecclesiastes 7:11–12 reminds us, “Wisdom, like an inheritance, is a good thing and benefits those who see the sun. Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this: Wisdom preserves those who have it.”

If you’re ready to align your estate plan with your financial and spiritual goals, we would be honored to guide you. Contact us and let’s begin building a legacy that truly lasts.