Legacy Planning
In an effort to help clients refocus on planning, I hit upon what I thought was a brilliant idea. I asked some of my married clients to pretend they only had a few days to live and to write letters to their spouses expressing their love, their cherished memories and what they had planned for the future. I also requested they write similar letters to their children. I wanted them to see what was truly important and envisioned these letters would become treasured family heirlooms, passed down and read by future generations.
Not everyone wrote the letters so I tried again, but this time I told my clients that I wanted to record a conversation with them each year for three or four years. I wanted them to talk about themselves, their ancestors and roots, the important events in their lives, their plans and dreams for the future and for that of their spouses and children.
My plan here was to create a legacy for their future generations, and in so doing get to know my clients, their motivations and their financial perceptions better. In the process, I hoped to gain insights that would help me do a better job of planning for them and, in turn, help them better appreciate the importance and value of the planning process.
Interestingly, clients who could not find the motivation to write a letter willingly submitted to the taped conversations. During these sessions, I try to remain merely a facilitator, asking a few questions to get the conversation rolling and then receding into the background.
The response has been truly heartwarming, not to mention productive. The conversations prompt people to recall events they haven’t thought about in years. Many times, there is an emotional reaction to the recollection. People remember things they intended to say or do for their loved ones that were somehow forgotten. They frequently start to talk about something and it triggers a distant memory that had great importance but became lost in the recess of their minds. They open up and share all kinds of memories and dreams. They openly express their affection and hopes for their children.
They explain their decisions in raising their offspring and how they tried to pass on their values. They talk about the meaningful events that formed their values, the choices they made early in life, the paths they took and those they didn’t.
If you would like to learn more about our process or need assistance from us to participate in this legacy planning, then email me at paul@fgmci.com.