In this episode of #NextActNinjas, Rachael Van Pelt delves into the often-neglected topic of legacy planning. Reflecting on her own recent experiences with estate planning and the loss of her father, Rachael explores the multifaceted nature of legacy beyond just wills and trusts. She emphasizes the importance of the personal narrative and values that shape our legacy, urging listeners to consider how their actions and wisdom can resonate with future generations. The episode covers practical steps for creating a lasting impact through charitable giving, financial education, and mentorship, while also highlighting the emotional and psychological benefits of these activities. Rachael encourages her audience to find joy and fulfillment in their legacy projects, whether through storytelling, volunteering, or creative endeavors, making legacy planning a vibrant and meaningful journey. Tune in to be inspired and equipped to craft a legacy that transcends time.
Chapters
00:00 Legacy Planning Beyond Wills and Estate Plans
02:00 Recording and Sharing Wisdom
04:05 Leaving a Legacy Through Traditions
04:39 Leaving a Legacy Through Charitable Giving
05:44 Personal Legacy Projects
06:11 Leaving a Financial Legacy
07:25 Leaving a Legacy of Contribution
09:12 Creating a Living Legacy through Service and Mentoring
10:53 The Mental and Emotional Benefits of Contribution
11:48 Start Building your Legacy Now
Welcome back to Next Act Ninjas, the number one podcast for mastering your lifestyle longevity. I'm your host, Rachael Van Pelt, retired healthspan scientist turned realtor and coach. Today, let's talk about your legacy. Have you thought about that lately? If so, what does leaving a legacy mean to you? I'd love to hear your thoughts in the comments.
I've been thinking about legacy a lot lately. My husband and I just last month worked with an attorney to complete our estate plan. Nothing fancy, just updating wills and creating a trust. It felt good to get that done, I've got to say. Of course, we did this to keep our estate out of probate and to facilitate transfer to our kids, should anything happen to both of us.
But real legacy planning transcends the simple mechanics of wills and estate plans, doesn't it? It is a personal narrative that continues to speak when we're no longer here. It is a bit like weaving a rich tapestry and each of the threads of that tapestry represents a moment in your life, doesn't it? A lesson, a passion. Envision that for a second. What colors and patterns will your tapestry have? What story will it tell? Can you make that story so rich and so vivid that it will resonate with your loved ones long after you're gone? Because legacy is not just about the tangible assets we leave behind. It is about the impact we make on the hearts and minds of other people along the way. So how will you sculpt memories that last beyond your lifetime?
I think one of the most profound elements of a legacy is the values and lessons we pass on. I lost my father a few months ago, so this has been fresh on my mind. He had a huge intellect and he passed on a ton of wisdom to me over the years, especially the past few years. So I find myself thinking a lot these days about our many deep conversations and the lessons I learned from him throughout my life. There are many conversations that I wish I had recorded somehow or that he had written down.
How might you share your wisdom with the next generation? Maybe you do it through writing a memoir filled with stories that have shaped you. Or you could do it through voice recordings, sharing your advice and experiences directly in your own words. What if your voice could continue to guide even when you're not physically present? How amazing would that be?
As large language models like ChatGPT get better and better, recording and sharing your unique wisdom is going to get easier and easier. You can already easily dictate to the computer and the AI will transcribe your words and save them to a document. I think within the year we'll even have GPT agents that can compile them into a memoir or a graphic novel. Shoot, by next year, you may even be able to turn those memories into a video. Won't that be interesting? We used to pass down wisdom and collective knowledge verbally via stories from generation to generation, but now just think what's possible. Of course, there's no guarantee, our kids and grandkids will even read or watch what we create, let alone relay those lessons we learn to their own kids. But maybe our years of experience and acquired wisdom will be added to some AI collective consciousness.
Legacy is deeply rooted in traditions and shared memories, don't you think? Think about the traditions that define your family. Often we have unique holiday rituals, maybe we have a particular way of celebrating birthdays, or even have a family recipe book that form the fabric of our family's identity. Be sure to pass these family traditions on. I think we need these more than ever to stitch our tapestry together.
Then, of course, there's the legacy impact of charitable giving. What are the causes that stir your passion? Have you thought about using your legacy to support these causes indefinitely? Establishing a charitable trust or foundation can support the causes you're passionate about, and turn your values into actions that last long after you're gone.
My in-laws, they volunteer at a wonderful wetlands nature preserve in Illinois near their home. One of their neighbors, when he died, bequeathed his land and a trust that supports this wetland preserve in perpetuity. What an amazing gift that was for him to leave his community and the environment. The preserve not only maintains the local ecology and supports a ton of wildlife, but it has a nature center facility and staff that serves to educate local school children from miles around. It's a beautiful example of a legacy that keeps on giving well beyond immediate heirs.
And let's not forget about those smaller personal legacy projects. These are as unique as you are. Perhaps you set up a scholarship fund in your name, a community garden, a body of artwork or musical compositions, or even self-publish that book you always wanted to write. These projects are tangible embodiments of your values, your passions, and they can inspire and benefit many other people.
Now, I don't want to minimize estate planning. It's still crucial, but estate planning is about more than just deciding where your assets go. It's about making the complex simple. Can you set up your wills and trust so they're easy to understand and execute? The clearer you make things, the more likely your wishes will be upheld without burdening those you love.
I think an often overlooked part of leaving a financial legacy includes preparing your heirs to handle and grow any inheritance you leave them. Financial education might not be the most thrilling gift, but it is one of the most valuable you can leave. Can you equip your family with the knowledge to manage wealth wisely?
And even if you don't think you're going to be leaving much behind, that's all the more reason to impart what you learned about building wealthspan over the years. Did you start too late? Did you make mistakes? Did you completely ignore this aspect of your life? Whatever the case may be, share your wisdom so that your heirs don't make the same mistakes.
Of course, legacy isn't just about what we leave behind. It is the impact we have while we are still here. As we move into the later stages of life, our focus tends to shift from achieving personal goals to creating a lasting impact on our family or community. In other words, we transition from finding significance in our career or our work identity, and we begin to find it in our contribution to others. I think this can be deeply fulfilling and enriching. It can have psychological and emotional benefits that improve our healthspan.
There are many ways you can do that to;, create that living legacy. You might do it through volunteering, hobbies you share with others, teaching or mentoring, cultural exchange while you travel. Just think about the myriad of things you love to do and find a way to share those passions with others. Not only will you pass on your skills, but you will enrich your own life. When you engage in meaningful activities, you can reduce feelings of isolation and depression, you can increase your sense of accomplishment and purpose.
These activities, often involve interacting with others, and that can lead to new friendships and stronger support network. Importantly, staying mentally active through service and teaching is going to help you maintain your cognitive function, and it can potentially delay the onset of age-related cognitive decline. That's a big deal. At the same time, you're going to actively be building a legacy of kindness, knowledge, impact; all of which can inspire future generations.
Now luckily, there's no end to the ways that you can get involved. Many organizations and schools, they have formal mentorship programs where you can share your expertise, share your life experiences with younger individuals. You can also join industry-specific professional organizations. They offer many opportunities to mentor young professionals who are entering the field. And of course, there are digital platforms like LinkedIn and Coursera that have opportunities for mentorship and coaching. And these platforms, they're great for pairing mentors with mentees from all over the country.
But if mentoring's not your thing, maybe serving is. Think about serving on the board of a nonprofit or an educational institution or a community organization. This will allow you to contribute your expertise and help guide these entities towards their goal. Or consider coaching and consulting. Use your professional experience to offer consulting services to businesses or individuals. This can be paid or a volunteer position, depending on your preference. You might also engage in advocacy work for causes you're passionate about. This could involve lobbying, organizing events, or simply raising awareness through social media and community engagement. And don't forget your local community center. They often need volunteers to help with programs ranging from youth activities to senior services. Wherever you choose to serve, your lifetime of wisdom and experience can provide invaluable guidance to others in your community.
And it's a win-win because the mental and emotional benefits are priceless. Knowing that you're making a difference in someone else's life can be incredibly rewarding. Your contribution ensures that valuable knowledge and skills are being passed down to future generations. You are helping to preserve expertise and traditions. And if you simultaneously develop relationships along the way, that can be mutually beneficial and enriching for you and the next generation.
When you actively pursue community service or mentorship, you are creating a legacy that goes beyond material wealth. It goes beyond leaving assets to your kids and grandkids. You are investing in the future of your community and the next generation, which can be one of the most impactful ways for you to leave your mark.
Are you wondering where to start? If so, I encourage you to reflect on what activities bring you the most joy and fulfillment. Think about how you might share your passion with others. Look for local or online opportunities that align with your interests and skills. And then commit to setting aside regular time for these activities, because consistency is key if you want to make a lasting impact. Legacy planning isn't about the end, it's about encapsulating what it means to live a fully realized, meaningful life. Sometimes we avoid thinking about legacy because we're afraid to confront our own mortality, but this topic need not be morbid. It can be a beautiful act of service, a gift that keeps giving to the people you love and/or your community.
So what legacy are you excited to create? How will you ensure that your story, your values, your loves are remembered. I invite you to reflect on these questions and maybe jot down some thoughts. Start weaving your tapestry today. Stitch by vibrant stitch. Remember every day you are crafting your masterpiece. Have fun with it!
I'm Rachael Van Pelt. Thank you for tuning in to this week's Next Act Ninjas. Please be sure to subscribe to this podcast and share with other longevity-minded adults who are ready to rock their Next Act.
Until next time, live well, love more, age less!