What Is the Difference Between Estate Planning and Legacy Planning?

You can address some responsibilities in very basic ways to minimally cover your bases, and you can alternately choose to take a more comprehensive approach. This dynamic applies to the process of estate planning. A basic estate plan would cover the essentials, but you could take things a step further and engage in the process of legacy planning. We will look at some of the specific distinctions between these two approaches in this blog post. Bare Bones Planning A basic estate plan will address the most obvious objective: postmortem asset distributions. You can state your final wishes regarding the distribution of your assets through the creation of a last will. Living trusts are also useful for people who have relatively simple financial concerns. In addition to the financial end of things, you should also prepare for latter life incapacity, even if you only want to have a basic estate plan. You can empower people to act on your behalf in the event of your incapacitation through the
http://www.norcalplanners.com/blog/estate-planning/difference-estate-planning-legacy-planning/

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