Around the beginning of every New Year, there is a lot of pressure to make resolutions and get every single duck you have in a row. It’s a time to think about giving and the legacy you will leave behind. For some of you, this process may be empowering and hopeful. For others, you may feel a little lost or unprepared or simply that you have no idea how a legacy has anything to do with you. How does abundant wealth fit into legacy building if you don’t have any particular loved ones, such as children, who need an inheritance from you, or you simply don’t have a large inheritance payout waiting around to be given?

These are big questions that can feel overwhelming if you only think about abundant wealth in the sense of money itself. But winning at legacy planning is about so much more than how much monetary wealth you have to pass down a particular family funnel. It can be incredibly hard to conceptualize the idea of legacy building without centering the conversation around leaving an inheritance to your direct descendants. Part of this reframing is defining what abundant wealth really means. Yes, abundant wealth is about the monetary value of assets, but it is also about what values you cultivate and the impact you create with your time, resources, and effort. True success in abundant wealth is about realizing there are many valuable assets you can pass down to many different people, and some of the most important ones have nothing to do with a bank account. It’s about the impact you want to leave behind. It’s about being intentional with that impact and how you create purpose for yourself and those around you.

So, what does this mean for leaving behind a legacy? What does triumph in legacy building look like now?

Leaving a Lasting Legacy With a Wide Impact

If you do have a monetary legacy you wish to leave for others, it doesn’t always have to be for the kids. Millennials and Gen Z are having fewer children than past generations, meaning that many of them may not have children to pass their wealth to. Not having children is not a situation unique to younger generations, but it is becoming more of a topic in the public eye due to this trend. While we may usually frame legacy building around passing wealth from generation to generation within a family, there have always been ways to make it about more than keeping the money in the direct family. 

What Makes a Beneficiary?

Not having children doesn’t limit the meaningful ways you can pass on your inheritance. Many people choose heirs outside of direct descendants. Nieces, nephews, siblings, cousins, and close friends are common beneficiaries, reflecting the important relationships in your life. You can divide your legacy among multiple loved ones or designate specific assets to honor these bonds. 

Additionally, you have no obligation to allocate  the entirety of your inheritance in one particular way. You can leave some to your heirs, and the rest to causes you believe in. 

Philanthropy

Philanthropy has a longstanding place in legacy building.Leaving your inheritance, in whole or in part, to charitable organizations allows you to make a lasting impact on causes that matter most to you, ensuring your legacy reflects your values and vision for the future. 

Many charities and helper organizations rely on donations from those who find value in their work. And huge donations are not the only ones that count. Big and small sums can make a huge difference in whether or not an organization can fulfil its purpose. Whether it is volunteering your time in life, or donating money and resources after you are gone, your impact can continue to be felt long into the future. 

What causes are you passionate about? Where do you think that your money, time, or energy could make a difference?

Legacy: More than Money

Another facet of reframing legacy building to fit our lives as the world changes is expanding the idea of value beyond physical and monetary assets. Every year, more and more Americans find themselves unprepared for retirement, let alone prepared to pass on a financial legacy to any heirs. But our legacy is not just about money and wealth. You can be rich in so much more and one of the key ways you can pass on wealth is by passing on your wealth of values, traditions, and life lessons.
Keep in mind that it is not only positive things that get passed along. You can be remembered for your positive impact, or you can be remembered for your negative ones. Everyday, in every interaction you have, you show your values. Where you place your time, effort, and attention will convey what your values truly are. You can also pass on life lessons in an effort to help others learn and grow in ways that we would not be able to without sharing. Similarly, passing on traditions keeps memories of our past loved ones intact through generations, not just within families, but the wider community. 

By building meaningful relationships and sharing your values, life lessons, and traditions with your loved ones, you are able to leave a meaningful legacy of positive impact. This is not a tangible passing of assets at the end of life, but an ongoing process that takes a lifetime to build and maintain.

The impact of values and lessons is everywhere. It can be as large as passing down a passion for a particular cause through generations, or as small and fleeting as small acts of kindness in the face of stress and life’s pressures. Just remember that you will leave a legacy behind, whether you intend to or not, so be intentional about what you pass on.

Dolly Parton: Building a Long-Lasting Legacy

Where you allocate your inheritance is not necessarily the important part of planning. What matters is that you are intentional about that planning. That you are building the lasting impact you want to see and not just building a legacy you think you should leave. 

If there is one beacon of impact that exemplifies leaving behind an intentional legacy, it’s Dolly Parton. Not only did Dolly build a very successful career for herself, but she has been thoughtful about how she wants to share the wealth of that success. She never had children of her own, and as such, has focused on making sure her impact benefits countless children and others in need instead. 

“I always love working with children. I never had children of my own. God has his purposes. God didn't let me have children so everybody's children could be mine. That's kind of how I'm looking at it.”- Dolly Parton

Her legacy encompasses a wide range of philanthropic pursuits, from education, to healthcare, and the arts. The Imagination Library is the most well known of her charity work. The program mails free books to children up to age five as a way to honor her late father, who never learned to read or write. The program now operates in multiple counties and has donated over 200 million books to date. She focuses on healthcare contributions, disaster relief, and community development in her native Tennessee through the Dollywood Foundation and My People Fund. As a self made woman, she places immense value on helping other emerging artists realize their dreams when they may not necessarily have the means to do so otherwise through the Dollywood Company and many other entertainment ventures she takes part in. 

Her legacy is a testament to the idea that impact is measured not by direct descendants but by the lives one touches and the good one creates. She was able to intentionally create that legacy using both her wealth and her values. Which is what truly makes her triumphant in legacy building.

What Legacy Are You Building?

As you prepare the legacy you are leaving behind, remember that you do not need to fit certain criteria to make that happen. You do not need large amounts of valuables to pass on. You do not need large sums of money. You do not need children or an estate. All you need is something to be passionate about and the willingness to model the values you wish to pass on. You are going to leave a legacy behind whether you intend to or not. So let’s make it count.

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