In the wake of loss, you may find yourself re-evaluating not only your finances, but also your sense of purpose, your impact, and the kind of legacy you want to build. But first, it’s important to take time and adjust to living a new reality, managing responsibilities, and coping with the emotional weight of losing your spouse.
Then, when you’re ready, ask yourself this powerful question: What do I want my life and legacy to stand for now?
Consider how your legacy can reflect the values you shared with your spouse as well as the ones you’re embracing currently, and as you’re looking into the future.
One of our roles as a fiduciary is to help you explore the answers to that question — and advise you on options and decisions that can move you forward.
From shared legacy to personal vision
You and your spouse may have shared intentions around family gifting or charitable giving. Maybe you agreed on how you wanted your money to be used over time. But after a loss, your perspective may shift.
You might find yourself reflecting on the causes that mattered most to your partner and determining whether they still resonate with you. You may also discover new interests, relationships, or goals that you want to fully support.
This is a deeply personal process. Some widows feel a strong desire to preserve the legacy they built with their spouse. Others want to redefine their legacy and incorporate more of their own growth, passions, or sense of purpose.
You don’t have to choose between the two paths. Your legacy can honor the past while evolving into something uniquely yours.
Clarifying your philanthropic intentions
This could be the first time you have both the freedom and the responsibility to determine how your money can impact others. It’s also the moment when giving becomes more intentional and personally aligned.
These are some of the questions we counsel our clients to explore:
- Are there causes your spouse or family supported that you want to continue championing?
- Have you felt drawn to personally supporting a particular community, institution, or movement?
- Would you prefer to make a few big gifts or spread your giving more broadly over time?
- Is your goal to give during your lifetime or leave a philanthropic legacy after death? Or both?
You may find that giving brings a renewed sense of meaning, connection, or healing. Many widows tell us it helps them channel grief into purpose.
Turning purpose into structure
Once you begin to clarify your intent, our financial advisory team can help you design a giving strategy that’s both emotionally fulfilling and financially sound. That might include:
- Creating a donor-advised fund (DAF) for flexible, lower-maintenance giving while enjoying immediate tax benefits.
- Establishing a private foundation to support long-term family giving, provide governance for the next generation, or professionalize your philanthropic work.
- Structuring charitable trusts to support both philanthropic and income-generating goals, such as charitable remainder trusts (CRTs) or charitable lead trusts (CLTs).
- Designing legacy gifts as part of your estate plan, ensuring that your values carry forward in perpetuity.
These tools are not solely about minimizing taxes (though that is an important consideration). They’re about building a strategy that aligns with how you want to show up in the world and how you want to be remembered. And, if you already have one of the strategies listed above, you and your advisory team should revisit your desired outcomes to help ensure it best fits your current goals.
Involving family (if you choose to)
You may want to include your children or grandchildren in discussions about giving. Or maybe you aren’t ready to involve them or aren’t sure your values align. There is no one right answer.
We help our clients:
- Facilitate values-based conversations with family members
- Establish governance structures or grantmaking committees for your foundation or DAF
- Set boundaries and ensure your wishes remain central to your estate plan
Whether your giving is private and personal, or something you hope to share with future generations, your voice and values come first.
Your legacy is already taking shape
You don’t need to have all the answers to start building a legacy. You simply need to start asking the right questions and surrounding yourself with trusted advisors who will listen carefully, reflect your intentions clearly, and bring the right capabilities to the table.
At Mercer Advisors, we often support widows like you in:
- Designing and managing long-term giving strategies
- Setting up and administering foundations and trusts
- Coordinating with estate attorneys, CPAs, and family members
- Simplifying complex structures so you can focus on what matters most
You get to define what comes next
You didn’t choose this chapter of your life, but you do get to choose what you do with it going forward. Whether you continue the legacy you built together with your spouse, or forge a new path forward, the decisions you make now can shape how you feel about your legacy and how your impact is felt by others.
At Mercer Advisors, we connect the dots of your financial life by unifying estate and tax planning with financial planning, investment management, insurance, and more.
If you’re not a Mercer Advisors client and would like to know more about how you can preserve or build your legacy, let’s talk.
Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services.
All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. The information is believed to be accurate, but is not guaranteed or warranted by Mercer Advisors. Content, research, tools, and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. For financial planning advice specific to your circumstances, talk to a qualified professional at Mercer Advisors.
Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning document preparation and other legal advice is provided through select third parties unaffiliated to Mercer Advisors. Tax preparation and tax filing are a separate fee from our investment management and planning services. Trustee services are offered through select third parties with which a client would engage directly, as such additional fees may apply.
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