For some people, one of the things that terrifies them most about passing away is that they might be forgotten. This is especially true for people who are not married or who do not have children.
They fear that not too long after they pass away, no one will remember them very much, if at all.
One way people get around this, is by intentionally leaving a legacy with their estate plans. They give things to people who will remember them fondly as a result.
However, not everyone is wealthy enough to do that in any meaningful way.
The non-wealthy can still leave a legacy though, as Market Watch points out in "5 ways to make a great impression after you're dead."
Even if you do not have very much now, you really only need enough to pay life insurance premiums to leave a legacy.
Life insurance policies are very flexible. In fact, you can make almost anyone or anything a beneficiary.
You can make a favorite niece a beneficiary. You can make your alma mater a beneficiary to have a scholarship created in your name. A charity or church can be the beneficiary. You can even leave the money to the town you live in, to have a park named after you.
If you want to leave a legacy and are not wealthy, then consider life insurance. However, do not neglect your estate plan either.
You might not have a lot now, but you can still get a professional estate plan from a Cincinnati estate planning attorney that considers your legacy goals. You might just find that you have a lot more money later in life to fulfill those goals even further.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Market Watch (May 8, 2017) "5 ways to make a great impression after you're dead."