At the Couillard Group we frequently talk about the concept of “legacy”. In fact, it is really the foundation of most of the work we do. We discuss a legacy as how you want to be remembered, what your mark on society might be and what you want to leave behind. In our experience, the concept of legacy is often associated as something that is thought of only later in life and typically for those who have accumulated substantial wealth. We would like to break down this stereotype. Let’s get to the very basic definition of the word. Legacy, as defined by Merriam-Webster Dictionary is:

: a gift by will especially of money or other personal property

: something transmitted by or received from an ancestor or predecessor or from the past

The first definition deals with a physical legacy; to whom you would like to leave your wealth. The second definition deals with the more esoteric meaning of the word; what mark your life had on those around you and how your life will be remembered.

Neither of these definitions have stipulations on amount of wealth, societal position or age. They don’t dictate a minimum threshold for creating and leaving a legacy. Regardless of your financial wealth, life stage, career or family, each of us has the opportunity to define and create what we would like our legacy to be.

A few questions to get you thinking about your own legacy:

If you were to die tomorrow, would you care any less about leaving a mark on society or leaving something behind than if you died at age 100?
Are there people in your life to whom it is important that you leave a physical legacy to? Or is there a societal cause that you are passionate about contributing to now and after your gone?
Does the way you live your life today support how you want to be remembered by those around you?

In short, we don’t believe it is ever too soon to start thinking about your own legacy. It actually can serve as a very effective way to start to gain clarity about your wealth planning. Similar to the completion of any successful goal, it requires planning. Ensuring that you have a will, an estate plan and supporting life insurance can be part of the process of creating your own legacy.

In the words of Mother Theresa:

“I alone cannot change the world, but I can cast a stone across the waters to create many ripples.”