If you think about the storyline behind the movie It’s A Wonderful Life, there’s a lot there to mull over, but one thing that stands out is the way that the life of a single individual has so much impact on the world within which he or she lives. Each person has walked a specific path and touched others along the way, and all of these “movies” would have a lot of worthwhile insight to offer if you could tap into the life story of each individual.
This is something to consider when you’re planning your estate because the lessons you’ve learned and the insights that you have garnered are gifts worth giving if it is at all possible. You can make this knowledge available to your loved ones if you take the time to write your memoirs, and this is something that you may want to consider when you’re planning your estate.
There are many reasons for sharing these autobiographical stories with your family and friends, and one of them is purely practical. If you record some of the formative experiences that you have had that enabled you to become successful and build some wealth, these memories can be quite instructive to read simultaneous to receiving a significant inheritance from the author.
Of course there is a personal side to sharing your memories as well. When you think back to your own childhood and early adulthood and pass along your perspectives you show a side of yourself to your family members that they would have no way of experiencing. In addition, you create a bridge between your younger family members and your own parents, grandparents and perhaps your great-grandparents, and this can help to fortify the fabric of your family across a number of generations.
If you ever had occasion to wonder about the childhood of your own grandparents or great-grandparents you can understand the value that your memoirs may have to your loved ones after you pass away.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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