We all hope to make an impact on this world during our lifetime – to leave a legacy. But when it comes to legacy planning, many of us don't know where to begin. A legacy does include your finances and estate, but it can involve so much more than that.

The first step is to ensure you have a current legal will. There are "will kits" that you can purchase to do it yourself, but they can come up short if your situation is in any way complex. It is recommended that you seek the advice of a legal advisor to write up your legal documents, including your Last Will and Testament and Power of Attorney.

It is also worthwhile to contact a tax and/or financial planner. These professionals can assist with planning your legacy and estate goals. They can recommend strategies to maximize the value of your estate and to reduce taxes during your life and upon your death.

Besides the financial side, there are many more personal aspects that you may wish to include. A legacy can also consist of a family history that you wish to share with future generations. You may want to record significant memories of your own life, stories that have been passed on to you, your family tree, or important family values. In creating this portion of your legacy, you may want to gather old family photographs, jewelry, crafts, or awards that are of meaning to you. You can write up the history of these items so that their importance will not be forgotten. This aspect of legacy planning can be quite time consuming as you are sorting through all areas of your life to date, and possibly going back into historical records to collect relevant data.

All of these aspects combined make a successful legacy plan. The work can be difficult, but once complete, you will be rewarded by knowing that even after you are gone, your family history will live on.

This is a monthly article on financial planning. Call or write to Rick Sutherland CLU, CFP, FDS, R.F.P., of Fundex Investments with your topics of interest at 798-2421 or E-mail at rick@invested-interest.ca.