Legacy planning is the process of intentionally designing how a person's wealth, values, and stories will be transferred to future generations, charities, or causes after their lifetime. It goes beyond basic estate planning by focusing not only on who receives assets, but also on the impact those assets will have and the message they send. Legacy planning may incorporate wills, trusts, life insurance, charitable vehicles, family meetings, and written or recorded narratives about personal history and values. Life insurance plays a central role because it can create instant liquidity at death, replace charitable gifts made during life, equalize inheritances among heirs, or endow family foundations and donor advised funds.

In practice, advisors engage in legacy planning conversations with clients who are thinking about the mark they want to leave on their families and communities. They explore questions about fairness versus equality among children, support for causes the client cares about, and ways to encourage responsible stewardship of inherited wealth. Life insurance is used to fund bequests, provide dependable resources for special needs beneficiaries, or create a pool of assets separate from business or real estate holdings. Advisors may collaborate with estate planning attorneys and philanthropic advisors to structure ILITs, charitable remainder trusts, or family foundations. They also encourage clients to communicate their intentions to heirs, reducing surprises and conflict. By framing life insurance within the broader context of legacy planning, producers help clients view coverage not just as a financial product, but as a tool for expressing values, protecting family harmony, and sustaining meaningful impact beyond their lifetimes.