The Three Types of Legacy
When most people think about legacy, they often focus solely on financial assets. However, a truly meaningful legacy encompasses much more than just money. At Legacy Method, we recognize and help you develop three essential types of legacy that together create a lasting impact across generations.
1. Financial Legacy
Financial legacy refers to the monetary assets, investments, properties, and wealth that you pass down to future generations. While this is the most commonly understood form of legacy, it's about more than just transferring wealth—it's about creating financial literacy and wisdom within your family.
Key components include:
2. Values-Based Legacy
Values-based legacy encompasses the principles, beliefs, and wisdom that you wish to transmit to future generations. This intangible but profound aspect of legacy shapes how your family members approach life, relationships, and decision-making.
Key components include:
3. Societal Legacy
Societal legacy refers to the broader impact you and your family have on your community and the world. This type of legacy extends beyond your immediate family to create positive change in society through philanthropy, service, and social impact initiatives.
Key components include:
Legacy Type Comparison
| Legacy Type | Primary Focus | Time Horizon | Key Tools |
|---|---|---|---|
Financial | Asset protection & growth | 1-3 generations | Trusts, investments, tax planning |
Values-Based | Character & wisdom | Multiple generations | Family meetings, ethical wills, education |
Societal | Community impact | Perpetual | Foundations, charitable vehicles, advocacy |
Why All Three Types Matter
A truly impactful legacy balances all three types. Financial resources without values can lead to entitled heirs who mismanage wealth. Values without financial planning may limit a family's ability to maintain their standard of living. And without a societal component, families miss the opportunity to find meaning and purpose through giving back.
At Legacy Method, our comprehensive approach addresses all three types of legacy planning to help you create a lasting impact that extends beyond generations.
Begin Your Legacy Journey Today
Ready to build a legacy that encompasses all three critical dimensions? Schedule a consultation with our Legacy Architects to develop your personalized legacy plan.