How Should I Plan My Legacy Properly
The process of making a legacy plan, that is, putting ‘on paper’ your farewell thoughts to loved ones, is an emotionally draining task for most of us. Even the thought of a legacy plan immediately associates with death, and that’s not something one wants to think about. Beyond this reason, until recently it wasn’t easy or cheap to have a legacy plan in place that doesn’t carry the risk of your farewell information reaching your loved ones while you are alive and well.
The latter of the two reasons is no longer an excuse. Like everything else, legacy planning has been digitized, and there are services out there that protect the confidentiality and security of your legacy plan at a low cost. The solution to crossing the emotional barriers is not to be discovered but to think about the emotional and financial implications of not passing on your legacy to your loved ones. Think about everything that you own, financially, and all your life moments captured in photos, emails, or social media posts. Wouldn’t you like your loved ones to inherit everything you own and have all of your digitally stored mementos?
If you are ready to prepare your legacy plan, the below information should be helpful to make the most out of it, in the easiest possible way.
Where to start?
In reality, once you convince yourself to do it, planning your legacy is a simple procedure. To begin with, it’s important to make a legacy planning checklist and start gathering all the necessary information and documents. Here is what you need to do.
Financial assets, insurance, and real estate
When dealing with the financial aspect of the legacy planning it is recommended that you consult an attorney who would guide you through the process of assets distribution. To make this process easier, you can also organize your assets by breaking it down into categories.
There are many categories of wealth you should consider. Some of them are obvious, such as real estate, bank accounts, investments, life insurance policies, safes, cryptocurrency wallets etc. Others such as money owed, or collectibles may sometime be overlooked. The most important aspect of the legacy plan is to know who should receive what information, that is, who would be inheriting what part of your wealth.
Consider emotional legacy
“Now this would be a great story to tell my grandchildren” – remember saying this when experiencing an exciting adventure? Preparing a legacy plan is not just about material assets. Memories, experiences, and life lessons are some of the most valuable gifts to be passed on to your loved ones. The best way to do this is to document your memories, relationships, and any lessons you want to preserve by recording an audio or a video message. Stornest is a digital tool for legacy planning that allows you to easily record and store any video or audio messages at Stornest.
Protect your digital assets
One of the key reasons to create a detailed legacy plan is to make sure your online accounts on various platforms and apps are properly managed after you pass. For example, you have Bitcoins and you have not shared your wallet credentials with anyone, in case something happens to you, your family will never get them and your Bitcoins will be lost forever. Therefore, protecting all your usernames, passwords, codes, and keys that you use across platforms is really essential.
If you didn’t get the chance to express your feelings or thoughts to your loved ones, or you simply want to provide comfort and help them cope with the loss, you should consider leaving a farewell message. Make an audio or video recording and share your feelings or say anything that those you leave behind would want to hear when you’re gone. Then simply add these messages to your legacy plan with Stornest to make sure that they would reach the intended audience in case of an untimely passing.
How should I manage my inheritance?
Will or testament is a document that you will need to assign heirs for your wealth and assets. In the absence of one, your wealth will be passed on to heirs as per the laws of the country of domicile. A will can be made with an attorney, handwritten with a pen and paper, or simply created online through a will template. Once you have your will you can store it at Stornest together with all your other legacy information.
Why Choose Stornest for Your Legacy Planning
Stornest is a leading online tool for legacy planning that will give you the ease and comfort you expect while eliminating any of the risks that you would associate with legacy planning. What makes Stornest unique is that all of your files are encrypted and securely stored using Zero-Knowledge Proof Technology, a blockchain-based approach that ensures no one but you and your beneficiaries can ever peak into your legacy plan.
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