The Four P's of Leaving a Legacy

By Roberta Trzos

Published in: Update - Issue 3 - 2016 »   
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Presented by Chief Financial Credit Union

Plan, Procrastinate, Prepare and Purpose

It all starts with a plan. We may plan something small like a monthly budget or a week of meals, but we also have to plan for the big things like retirement or how to leave a lasting legacy.

Many people procrastinate when it comes to legacy planning. Instead, we spend time on what is immediately in front of us and leave legacy planning “for the future.”

Planning a legacy takes preparation. You must think about what you want your legacy to mean, what you are passionate about and whose life you want to impact in years to come.

Here are a few tips to help you stop procrastinating and start planning and preparing a legacy with a purpose that is meaningful to you.

Tip #1: Prepare a Will or a Trust

This is the biggest step and the hardest to take. Once you take this step, you will find it easy to finalize the documents that carry out your legacy. In your Will or Trust, set aside one or more bequests for your favorite charities. One that makes your heart smile.

Tip #2: Don’t forget your life insurance policies, retirement plans or bank-investment accounts

Include your favorite charities as beneficiary or owner of a life insurance policy. Talk to your agent to find out the dollar value of your policies. You might be surprised that you have more than you’ll need; this excess can be part of your legacy. This will be covered further in a future issue of Update.

Naming a favorite charity as a beneficiary on your retirement accounts, bank accounts and investments is as easy as contacting your financial institution(s) and filling out some forms. This is a quick way to make a lasting legacy. You don’t need to procrastinate any longer. To learn more now, or to discuss how to start your plan, please contact Roberta Trzos, CFRE, manager of gift planning, at 248/659.5014 or