Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these five things, whether or not your bank account is overflowing.
1. Make a Plan
Often, people who do not have a lot of money think that it is unnecessary to have an estate plan. Yet estate planning is more than making sure a person’s wealth passes to the next generation. It also involves making your wishes known with regard to certain items of property, burial arrangements, and end-of-life care decisions. Whether or not you have much money, you can leave an important legacy to your family simply by making a plan.
2. Write Personal Letters
Aside from the time it takes, writing personal letters to your family members costs little or nothing, but such letters can be far more valuable than vast amounts of money. Personal letters could share stories, give encouragement, provide advice, or express emotions. This type of personal letter will be a family treasure that will endure long after any possession that money can buy.
3. Family Heirlooms
It is important not to underestimate the value of family heirlooms. Although heirlooms may or may not be worth much money, their sentimental value can be enormous. It is crucial that the story of the item’s significance also be preserved so that an unsuspecting but well-meaning person does not throw the item out with the trash. So be sure to record to whom the item belonged, how it was used, and why it is important.
4. Pictures
You can create a family history with pictures by snapping photos of everyday family activities as well as big family events. Also, be sure to go through old family photos, because you may be the keeper of some of the only surviving photos of certain ancestors. Helping younger generations understand who their grandparents and great-grandparents were with pictures that can put faces to names is a valuable legacy to leave.
5. Family History
A person can derive identity and much strength from knowing where they came from, what struggles and challenges their ancestors went through, and how they prevailed. Numerous websites are available to help you trace your family history back through hundreds of years. But a family history can also start with your own story, which you can preserve by writing down or making a voice recording of your personal experiences.
Even if you do not have a lot of money to leave to your family, you can still leave them a great legacy by making a plan, writing personal letters, leaving family heirlooms, taking and sorting pictures, and recording your family’s history.