Creative Ways to Leave Inheritance

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 5,739 reviews

Jump to Section

Need help with a Last Will and Testament?

Create a free project posting

Creative ways to leave inheritance for your loved ones is a thoughtful way to provide for their future and ensure that your legacy lives on. While traditional methods of inheritance such as gifting cash, stocks, or property are common, there are many creative ways to leave an inheritance that can make a lasting impact on future generations. Let us explore some unique and creative ways to leave an inheritance and how you can make the most of your estate planning efforts.

Traditional Inheritance Options

Before we delve into creative strategies, let's take a quick look at some traditional inheritance options:

  • Wills

    A will refers to a legal document that outlines how your assets will be distributed after you pass away. You can name beneficiaries and assign specific assets or percentages of your estate to them.

  • Trusts

    A trust is a legal entity that holds and distributes assets on behalf of beneficiaries. There are many types of trusts, including revocable and irrevocable trusts, living trusts, and testamentary trusts. Trusts can offer greater control and flexibility in how your assets are distributed, and can also provide tax benefits.

  • Life Insurance

    Life insurance policies can provide a source of financial support for your loved ones after you pass away. You can name beneficiaries and designate how the proceeds of the policy will be distributed.

Planning Strategies for Creative Inheritance

Now, let's explore some creative ways to leave an inheritance that go beyond traditional methods:

  • Family Bank

    A family bank is a legal entity that allows you to lend money to family members at a lower interest rate than they might get from a traditional lender. This can help your loved ones get started with investments, education, or other financial needs, while also keeping the money within the family.

  • Charitable Remainder Trust

    A charitable remainder trust allows you to donate assets to a charity while still receiving an income stream during your lifetime. After you pass away, the remaining assets are distributed to the charity. This can provide a way to give back to a cause you care about while still providing for your loved ones.

  • Educational Trust

    An educational trust can be set up to provide financial support for your children or grandchildren's education. You can specify how the funds should be used, such as for tuition, books, or other expenses. This can help ensure that your loved ones have access to educational opportunities, even if they might not otherwise be able to afford them.

  • Inheritable IRA

    An inheritable IRA allows you to designate a beneficiary who can inherit the funds in your IRA after you pass away. This can provide a tax-efficient way to transfer assets to your loved ones, as the funds can continue to grow tax-free within the IRA.

  • Family Business

    If you own a family business, you can pass it down to your children or grandchildren as a way to provide them with a source of income and a legacy to carry on. This can be done through a buy-sell agreement, in which family members can buy each other out over time, or through gifting shares of the business over time.

Meet some lawyers on our platform

Michael M.

337 projects on CC
View Profile

Bryan B.

148 projects on CC
View Profile

Jeremiah C.

56 projects on CC
View Profile

Kimbrelly K.

1 project on CC
View Profile

Inheritance Beyond Financial Assets

While financial assets are an important part of inheritance planning, there are also other ways to leave a lasting legacy for your loved ones. Here are a few ideas:

  • Personal Property

    Consider leaving behind sentimental items such as jewelry, artwork, or family heirlooms that have emotional value to your loved ones. This can provide a way for them to feel connected to you and to carry on family traditions.

  • Personal Memoirs

    Writing down your life story, including your values, beliefs, and life lessons, can provide a valuable resource for future generations. You can also include personal letters or messages for your loved ones to read after you pass away.

  • Charitable Donations

    Making charitable donations in your name or establishing a charitable foundation can provide a way to give back to causes you care about and leave a positive impact on future generations.

  • Family History

    Creating a family tree or compiling genealogical information can provide a way to pass on family history and traditions to future generations.

Why Hire a Lawyer for Creative Inheritance

While it's possible to create a basic inheritance plan on your own, it's often a good idea to work with a lawyer to ensure that your plan is legally sound and that your wishes are properly documented. Here are a few ways that a lawyer can help you with your inheritance planning:

  • Providing Expertise

    A lawyer can provide guidance on legal and tax issues related to inheritance planning, and can help you make informed decisions about your estate.

  • Drafting Legal Documents

    A lawyer can help you draft legal documents such as wills, trusts, and powers of attorney, to ensure that your wishes are properly documented and legally enforceable.

  • Reviewing Existing Plans

    If you already have an inheritance plan in place, a lawyer can review it to ensure that it still aligns with your wishes and that it's legally sound.

  • Updating Plans

    A lawyer can help you update your inheritance plan as your circumstances change, such as after a marriage, divorce, or the birth of a child.

Key Terms for Inheritance

  • Family Bank: A private family savings and loan institution that allows for the transfer of wealth between generations.
  • Charitable Trust: A trust established to benefit a charitable organization or cause, while also providing tax benefits to the donor's estate.
  • Family Business: A business that is owned and operated by members of the same family, which can be passed down from generation to generation.
  • Personal Items: Non-financial assets that hold sentimental value, such as family heirlooms or personal memoirs.
  • Estate Planning Lawyer: A legal professional who specializes in helping individuals create a plan for the distribution of their assets after death.

Final Thoughts on Inheritance

Leaving an inheritance for your loved ones is an important part of estate planning, and there are many creative ways to do so beyond traditional methods. Whether it's through a family bank, charitable trust, or family business, you can make a lasting impact on future generations by carefully planning how your assets will be distributed.

Additionally, consider leaving behind personal items, memoirs, and other ways to pass on your legacy beyond financial assets. Finally, working with a lawyer can provide expertise and guidance to ensure that your inheritance plan is legally sound and properly documented. By taking these steps, you can help ensure that your legacy lives on for years to come.

Remember that creating an inheritance plan isn't just about leaving behind financial assets, but also about passing on your values, traditions, and memories to future generations. Consider involving your loved ones in the planning process, as their input and feedback can be valuable in ensuring that your wishes are properly carried out. With careful planning and the help of a qualified lawyer, you can create a comprehensive inheritance plan that reflects your unique wishes and values, and leaves a positive impact on future generations.

If you want free pricing proposals from vetted lawyers that are 60% less than typical law firms, click here to get started. By comparing multiple proposals for free, you can save the time and stress of finding a quality lawyer for your business needs.

Need help with a
Last Will and Testament?

Create a free project posting

Meet some of our Lawyers

Erdal T. on ContractsCounsel
View Erdal
5.0 (2)
Member Since:
September 15, 2022

Erdal T.

Owner, CEO and Managing Attorney
Free Consultation
New Jersey
17 Yrs Experience
Licensed in NJ, NY
New York Law School

Erdal Turnacioglu of Erdal Employment Law focuses on providing employment solutions to both employees and businesses, whether through litigation, review of employee handbooks, workplace investigations, or training seminars.

Charlton M. on ContractsCounsel
View Charlton
5.0 (8)
Member Since:
September 19, 2022

Charlton M.

Free Consultation
Dallas, TX
9 Yrs Experience
Licensed in TX
University of St. Thomas School of Law

Charlton Messer helps businesses and their owners with general counsel and contract drafting services. He has helped over 500 businesses with their legal needs across a variety of industries in nearly a decade of practice.

Dan "Dragan" I. on ContractsCounsel
View Dan "Dragan"
5.0 (4)
Member Since:
September 21, 2022

Dan "Dragan" I.

Managing Attorney
Free Consultation
Chicago, Illinois
24 Yrs Experience
Licensed in IL
University of Illinois College of Law

I received a bachelor’s degree in philosophy from Northwestern University in 1996 and then got my JD at University of Illinois College of Law where in 1999. I have been a lawyer helping people with legal issues in the United States and Internationally since then. That includes litigation as well as contracts/transactions. I am currently licensed and authorized to practice before the Illinois courts and the United States’ District Court for the Northern District of Illinois. Internationally I am one of a select few American attorneys licensed and authorized to practice before the United Nations ICTY/IRMCT, the International Criminal Court, and the State Court of Bosnia-Herzegovina. Clients have retained me internationally to alongside local counsel in several European countries, as well as Australia and Africa in private legal matters. I also have been appointed by the United Nations to represent persons at the ICTY/IRMCT in addition to being chosen by indigent accused to represent them. Since 2009 my law firm has handled domestic and international cases, including Trial litigation (including Commercial, Premises Liability, Personal Injury, Criminal Defense, and General Litigation), as well as Transactional work (Contracts, Corporate formation, and Real Estate Transactions). I have been honored for my work by my peers who voted for me, and I served as President of the ADC-ICT (the Official Bar Association of Practitioners before the UN ICTY and UN IRMCT in The Hague) previously, and now am serving a term on the Executive Board. I also am elected to serve key roles in the ICCBA (that is the bar association at the International Criminal Court in The Hague). I enjoy helping less experienced practitioners and students evolve and improve. I served as an instructor/lecturer on Oral Advocacy and Trial Practice for the participants of the ADC-ICT & ICLB Mock Trial since 2014, and has presented Advocacy Training lectures for the ADC-ICT on several topics as well as regularly lecturing to visiting University and Bar groups from around the world. If you or a loved one have a legal matter of importance, let's see if I can help you with it!

Justin K. on ContractsCounsel
View Justin
5.0 (10)
Member Since:
September 22, 2022

Justin K.

Freelance Attorney
Free Consultation
Valencia, CA
20 Yrs Experience
Licensed in CA
University of Southern California School of Law

I have been practicing law exclusively in the areas of business and real estate transactions since joining the profession in 2003. I began my career in the Corporate/Finance department of Sidley's Los Angeles office. I am presently a solo practitioner/freelancer, and service both business- and attorney-clients in those roles.

Max L. on ContractsCounsel
View Max
Member Since:
September 18, 2022

Max L.

Free Consultation
Fort Lauderdale, Florida
17 Yrs Experience
Licensed in FL
The Benjamin N. Cardozo School of Law

Hi there. My practice focuses on several aspects of business law, including business entity formation and organizational documents, trademark and copyright, tax disputes, and contracts. I work with quite a few creative entrepreneurs, such as photographers, artists, and musicians.

Tina T. on ContractsCounsel
View Tina
Member Since:
October 1, 2022

Tina T.

Free Consultation
New Mexico
1 Yr Experience
Licensed in NM
Arizona Summit Law School

I am a New Mexico licensed attorney with many years of world experience in real estate, transactional law, social security disability law, immigration law, consumer law, and estate planning.

Brent W. on ContractsCounsel
View Brent
Member Since:
December 27, 2022

Brent W.

Free Consultation
Atlanta, GA
16 Yrs Experience
Licensed in GA
Cumberland School of Law

Brent has been in practice since 2007 and been the principal attorney and owner of The Walker Firm, LLC since 2014. Brent focuses on providing an array of general counsel services to individuals and companies in a variety of industries.

Sarah S. on ContractsCounsel
View Sarah
Member Since:
September 22, 2022

Sarah S.

Free Consultation
3 Yrs Experience
Licensed in OK
University of Tulsa College of Law

I have a background in Criminal Law, Family Law, Contract Law, and Environmental Law. I also have five (5) degrees in the following: Here are my degrees and background: 1) B.S. in Environmental, Soil, and Water Sciences 2) A.S. in Pre-Medical Sciences (anatomy, physiology, medical terminology) 3) A.S. in Aircraft Non-Destructive Inspection (science of x-rays, cracks in metal, liquid penetrant, magnetic particle inspections, ultrasonic inspections, and spectrophotometric oil analysis) 4) Master's in Natural Resources Law Studies (1 year focus in the environmental and pollution laws (Hazardous Waste Laws such as RCRA, CERCLA, FIFRA, Natural Resource laws such as ESA, CWA, CAA, FWPCA, Environmental Law, Sustainable Development, and Global Climate Change issues) 5) Juris Doctor and certificate in Native American Law

James G. on ContractsCounsel
View James
Member Since:
September 22, 2022

James G.

Free Consultation
Glendale, Arizona
8 Yrs Experience
Licensed in AZ
Arizona Summit School of Law

I am a lawyer in Glendale, Arizona. I have practiced in contract work including buy/sell agreements, contracts for the purchase of goods and services and real estate. I also practice in bankruptcy law and sports and entertainment law.

Gregory D. on ContractsCounsel
View Gregory
Member Since:
September 30, 2022

Gregory D.

Attorney at Law
Free Consultation
Wake Forest, NC
3 Yrs Experience
Licensed in NC
Norman Adrian Wiggins School of Law at Campbell University

Gregory S. Davis is a native of New York and is a graduate of the Norman Adrian Wiggins School of Law at Campbell University. He also holds an undergraduate degree in Economics from the Wharton School at the University of Pennsylvania and an MBA from Bowie State University. Prior to entering the practice of law, Greg was a Trust officer for one of the largest U.S. Banks, an adjunct professor of finance at Meredith College and a Series 7 licensed financial advisor. Greg is currently the owner of The Law Office of Gregory S. Davis, PLLC ( focusing on Estate Planning, Real Estate and Business Law. Greg is also an adjunct professor of Business Law at Wake Tech.

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city