When I discuss estate planning with clients, I typically begin by asking what kind of legacy they wish to leave.
And nine times out of ten, they hesitate.
Not because they haven’t thought about it, but because they’ve only thought about it in terms of money — who gets the house, who gets the accounts, and how to minimize taxes.
All important, of course. But, your estate plan can do much more than simply distribute your assets.
What kind of impact do you want to have?
For most of us, the things we remember about our parents or grandparents aren’t the numbers on a balance sheet. It’s their values, their stories, the examples they set. Those intangible things can be passed down too, but only if you’re intentional about it.
Here are a few ways we’ve seen clients go beyond the dollars when thinking about their legacy:
One couple created a family foundation that their children and grandchildren now help manage, keeping the entire family involved in supporting causes they care about.
Another client established trusts that fund education and small business ventures for future generations, with guardrails in place to encourage responsible decision-making. For them, it wasn’t just about wealth transfer but about fostering financial stewardship.
I’ve even worked with someone who wrote personal letters to be opened by their children at key moments — graduations, weddings, the birth of a child — so their wisdom would be there when it mattered most. This kind of “ethical will” or legacy letter can carry as much meaning as the assets themselves. (Read more about ethical wills.)
How you can start
You don’t need a complex plan to make a meaningful impact. Here are a few ways to get started:
- Tell your story. Whether through a journal, a video, or just family conversations, don’t leave your history and lessons unsaid. We’ve helped families incorporate this into their planning alongside more traditional tools.
- Encourage good stewardship. Trusts can be structured to reward hard work, education, or charitable giving rather than entitlement, which we’ve explored before when talking about trust design.
- Involve your family now. If philanthropy is important to you, consider setting up a donor-advised fund and allowing your children to help choose where the money goes — a great way to instill values while also giving them a seat at the table.
- Have the conversation. One of the best gifts you can give your family is clarity. Explaining your decisions while you’re still here can avoid hurt feelings and confusion later.
Why this matters
In my experience, the most rewarding plans are the ones that reflect not just what a family has, but who they are.
You’ve worked hard to build what you have. But the impact you leave is more than the sum of your accounts and property. It’s the values you instill, the opportunities you create, and the memories you leave behind.
If you’ve been thinking about what comes next — and you’re ready to craft a plan that goes beyond the basics — let’s set up a time to talk.
The views expressed represent the opinions of Mendel Money Management as of the date noted and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial or legal advice or service to any person. The information contained has been compiled from sources deemed reliable, yet accuracy is not guaranteed.
Diversification and asset allocation do not ensure a profit or guarantee against loss.Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. Past performance is not a guarantee of future results.
