Legacy planning is the process of selecting how your assets should be distributed to your loved ones after you die. It's similar to "estate planning," but you may also pass on less tangible assets, such as instilling specific values in loved ones or setting an emphasis on charity giving. The people you choose to provide for may include your spouse, children, siblings, parents, in-laws, friends, and even pets! There are two types of legacies: tangible and intangible. A tangible legacy gives something physical to each beneficiary. This could be money, which can be placed in a trust fund until it is used for education or medical expenses. Or it could be real estate, which can also be passed on through deeds of trust and life insurance policies. Even favorite possessions such as fine art or musical instruments can be given with a legacy note directing the recipient to sell the item and use the proceeds for their education or health care needs. Intangible legacies are beliefs, attitudes, and behaviors that you pass on to your beneficiaries. These could include principles such as honesty or humility or priorities such as family or career. You can also leave lessons-to-be-learned such as financial management or leadership skills. Finally, you can give directions on how to deal with situations that may arise during times of need; for example, you could appoint a friend or family member as a guardian if you become incapacitated.