A Legacy Estate Plan is a plan for managing your wealth while you are alive, distributing your estate according to your wishes after your death and for passing on your legacy.
Your estate includes all non-financial and financial assets that you own, such as investments, real estate and personal possessions.
Your legacy includes these items and the family core values that you wish to pass on to future generations.
Traditional estate planning is focused on financial assets and avoiding probate and estate taxes. A Legacy Estate Plan also addresses how to capture and transfer family values and traditions.
The main component of a Legacy Estate Plan is a Family Wealth Trust, which covers important issues in addition to avoiding probate. A Family Wealth Trust, can per its terms:
Provide for Family