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Tirey Law July 21, 2017

You do not need to be wealthy to leave a lasting legacy and be remembered fondly after you pass away.

For some people, one of the things that terrifies them most about passing away is that they might be forgotten. This is especially true for people who are not married or who do not have children.

They fear that not too long after they pass away no one will remember much, if anything, about them.

One way people get around this is by intentionally leaving a legacy with their estate plans.  They give things to people who will remember them fondly as a result.

Not everyone is wealthy enough, however, to do that in any meaningful way.

The non-wealthy can still leave a legacy though, as Market Watch points out in "5 ways to make a great impression after you're dead."

Even if you do not have very much now, you really only need enough to pay life insurance premiums to leave a legacy.

Life insurance policies are very flexible.  In fact, you can make almost anyone or anything a beneficiary.

You can make a favorite niece a beneficiary. You can make your alma mater a beneficiary to have a scholarship created in your name.  A charity or church can be the beneficiary.  You can even leave the money to the town you live in to have a park named after you.

If you want to leave a legacy and are not wealthy, then consider life insurance.  It is important, however, that you not neglect your estate plan either.

You might not have a lot now, but you can still get a professional estate plan that considers your legacy goals.  You might just find that you have a lot more money later in life to fulfill those goals even further.

Reference: Market Watch (May 8, 2017) "5 ways to make a great impression after you're dead."