This week, I’m sharing with you several creative and meaningful ways you can leave a legacy. 

Today, I’m talking about deciding on your bequest now. If you look up the definition of bequest, the definition is legacy. A bequest is the act of giving assets such as stocks, bonds, jewelry, and cash, to individuals or organizations, through the provisions of a will or an estate plan. Bequests can be made to family members, friends, institutions, or charities.

Since we’ve been talking about your legacy this week, a big part of that is obviously what happens to your stuff. And with this COVID health crisis top of mind for so many of us, it’s an excellent time to think through what you want your financial legacy to be. 

Most people don’t have an up to date will and estate plan, even famous celebrities with complicated mistakes famously make big blunders in this area. But being intentional about your bequests and your legacy will help ensure that the memories and the assets you leave behind after you’re gone meet your wishes, and hopefully mitigate any potential family in-fighting or strife as a result of unclear wills or an absence of a will or thorough estate plan. 

It’s also important to think through the bequests you want to make to those people and organizations outside of your immediate family. What impact do you want to make on your favorite charities or your church? Especially if you have financial assets that will outlast you, deciding in advance how you want these assets used for the greater good can ensure that your legacy lives on. 

My church has a maintenance trust fund that was funded many years ago by a single donor. This donor has long since died, but his legacy lives on and his generosity is still providing for roof repairs, new lighting, a much needed new sound system installed last year, and hopefully in the next few months, some much needed new carpet in our church. What an outstanding legacy he has left with his generosity to provide well after he passed on from this world.

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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