How to Leave a Legacy When You Don’t Have Children
The question of what you leave behind can be especially fraught for people who do not have heirs.
Karen Malone Wright, 62, is well aware of the existential implications of not having offspring. As founder of TheNotMom.com, a website for childless women — and an only child with no kids herself — she’s never been able to shake the feeling of being last one to turn the lights out.
For some people who don’t have children by choice or circumstance, the issue of leaving a legacy can be especially fraught.
Ms. Malone Wright, who lives in Cleveland, noted that even if you have a child, you have no way to control where your child carries your legacy; it might not be a direction you would choose.
Some try to contribute to the greater good by serving as coaches or mentors or supporting charities. Others aim to make enduring contributions in their careers.
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If you’re a nonparent like Cecil H. Green, the founder of Texas Instruments, you leave vast sums of money to the world’s pre-eminent medical and educational institutions. If you’re Beethoven, Luther Vandross or Joey Ramone, you leave a catalog of hits behind. If you’re Julia Child or Frida Kahlo, you inspire future generations through your passions.
However, you don’t have to be rich, a genius or a world-renowned luminary to touch people’s lives for generations to come. Here are some ways to leave a lasting legacy when you don’t have genetic offspring.
Get it in writing
Whatever you decide to do — especially if it involves leaving money or assets to loved ones, institutions or charities — the biggest hurdle is overcoming procrastination and putting a plan in place.
“Put serious thought into what matters to you most in life and do this for yourself, for your own peace of mind,” said M. Eileen Dougherty, an accredited estate planner and president of the National Association of Estate Planners and Councils.
She recommends individuals procure three essential documents: a valid will that meets the requirements of one’s legal state of residence, a power of attorney and a health care power of attorney. It’s also important to stipulate people as backups.
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