Legacy Planning Options

Robert De Niro recently told Esquire magazine his biggest regret:

I always wanted to chronicle the family history with my mother. She was always interested in that. I wanted some researchers I’d worked with to talk to my mother, but my mother was a little antsy about it. I know she would’ve gotten into it . . . But I wasn’t forceful, and I didn’t make it happen. That’s one regret I have. I didn’t get as much of the family history as I could have for the kids.

Today, we have opportunities to preserve family histories that never existed before.  To capture a client’s legacy, advisers should suggest a few simple options such as an ethical will or legacy letter, some insightful questions for the client to answer, or a videotaped legacy interview or personal documentary.  Advisers should also suggest that a client digitize existing artifacts like photos, letters, and other family documents.

See Victoria Collins & Jane Shafron, Legacy Planning in the Digital Age, Wealth Management, Apr. 21, 2014.