The importance of passing on knowledge

On Behalf of | Dec 18, 2017 | Blog

Nevada residents may be able to learn a lesson from the play “The Summoning of Everyman.” It is an allegory about humanity and how the only thing a person has left when he or she dies is that person’s good deeds. When it comes to estate planning, the lesson from this play is that knowledge and good deeds form the basis of a person’s legacy.

The knowledge that someone acquires during life can be a valuable asset for future generations. It may also inform them as to why their parents or grandparents held certain views. Passing on knowledge or other intangible items may be best done by creating a company or some other legal entity that may be best passed through a trust. When creating a legacy plan, it is important for a person to understand why it is being created and what its purpose is.

For most people, the why is to pass on their knowledge and other important elements of their life’s work. By having an understanding of why a legacy plan is being created, it may be possible to give it meaning throughout that person’s life. When that individual does pass on, the legacy plan will provide a way to preserve the legacy that the deceased person worked to create while still alive.

Engaging in trust planning may make it easier for an individual to engage in legacy planning at the same time. In addition to passing on intangible assets like knowledge, it may also be possible to pass down money or property as well. This may allow future generations to benefit from an individual’s hard work or other efforts while alive. It may also help to reduce estate taxes or allow assets to be transferred without the need for probate.