Your estate is your assets, while your legacy is how you are remembered.

It is important to keep the difference between legacy and estate in mind while you making your plans, according to Forbes in “What Is Your Legacy, And How Is It Different from Your Estate?

Your estate is simply everything you own when you pass away.

It is your possessions, including personal property, real estate, business interests, financial accounts or anything else that you can physically possess.

When you do estate planning, you plan for how all of those possessions will be handled after you pass away.

Your legacy, on the other hand, is how you will be remembered after you pass away.

That can be anything from how your immediate family thinks of you, to future university students who only you know you from seeing your name on a building.

It means is that when you do legacy planning, you plan your estate in a way that adds positive value to your legacy.

An estate planning attorney can guide you in creating a plan that meets your unique circumstances.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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