Leave Your Legacy: A Gift to Family

Father’s Day is coming up soon, and it’s a time to make and share memories. Wouldn’t it be a  wonderful gesture to start a new tradition:  to leave not only a financial legacy to the ones you love, but also the gift of family history at a time like this?  Financial advisors can encourage families to do so, as part of their retirement and legacy planning.

Everyone has wondered about their distant past—where their family originated; who their ancestors were; how family lineage can be traced back historically to discover links to royalty, a famous explorer or a revolutionary scientist. There is value in documenting and sharing this information, and it’s an important part of the retirement planning process to focus not only on monetary wealth, but also on providing holistic services that have value immeasurable in financial terms.

Now is the time to encourage clients to record their knowledge about themselves and their family lineage: to document their unique knowledge about their mother, father, brothers, sisters, aunts, uncles, cousins, grandparents and other family members. Details like where they were born, the lives they lived and who they were –  occupations, hobbies and interests are all important to conversations about financial continuity.

They should also be encouraged to list crucial information about their family’s medical history, facts that could be life saving for their children or grandchildren. It is amazing how much information each of us has about our family, and how deeply this information will be treasured, as illustrated by an experience I had with one of my clients.

Several years ago, I met a retiree named George. As it was Christmas time, we talked about the holidays, including gifts that meant a great deal to us. George told me of a gift he was creating for his son.

George had purchased a small voice recorder, and as he recalled things about his past or facts involving his family, he would record his thoughts. He said that over the two months prior to our meeting, he had recorded family information, including names, birthdates, deaths, marriages and remembrances and stories he heard from his parents and family members.

He gave me one example of a story he recalled while driving in the country. He saw a barn that was similar to his father’s barn just outside of Regina, Saskatchewan. As he drove past, he remembered the time he and his pals got caught smoking behind the barn. He said he broke into a laugh and promptly grabbed his tape recorder and recorded the incident. At the same time, he recorded other farm related stories that came to mind.

To fulfill his desire to leave his son as detailed a picture of the past as possible, George contacted several relatives to fill in some of the blanks in his family history. George then researched his roots using websites and genealogical societies. He found that his online detective work yielded a significant amount of information and the cost, other than his time, was little or nothing.

What gift will your clients give to their respective family? Here are some topics clients may wish to consider as they create a rich and holistic legacy for their loved ones:

• A listing and description of values and beliefs
• Things learned from grandparents, parents, children, spouse and others
• What a client is grateful for
• Hopes for the future
• Important events in their life and the lives of relatives
• Things a client regrets not doing
• The happiest times
• Lessons learned the hard way
• The importance of religion

Rick Atkinson is an expert in holistic retirement planning and best-selling author of Strategies for Retiring Right!

Additional educational resources: Considering the larger picture in order to help clients plan for retirement and leave their legacy to their family is a focus in the Master Financial Advisor – Retirement and Estate Services Specialist designation program offered by Knowledge Bureau. Enroll before June 15 for tuition savings.

COPYRIGHT OWNED BY KNOWLEDGE BUREAU INC. 2018.
UNAUTHORIZED REPRODUCTION, IN WHOLE OR IN PART, IS PROHIBITED.

Refer a Friend	Research	Calculators	Course Trials