The music industry has seen a flurry of music catalogs being sold recently, most notably Taylor Swift, Bob Dylan and Stevie Nicks. Many articles have been written speculating as to why there has been such an increase in activity. While historically high valuations is certainly part of the equation, “estate planning” has also been seen as a motivating factor. According to at least one source, other artists like Dolly Parton may be looking into selling their catalogues for this very reason. But there is a problem: selling your music for “estate planning” purposes is a bad idea.

If you haven’t heard, it’s true—Bob Dylan sold the rights to his music publishing catalog. Why, you ask? The short answer, and the one that has fans and the internet grumbling, is money. The real question, however, is what purpose or goal will the proceeds from the sale of his catalog be used to achieve?

Purpose, your social and cultural impact, is what will undoubtedly fuel our economy in the near future. Purpose, of course, starts with you—the human, the creative mind behind the ideas upon which companies and brands are built. Without you, there is no purpose. The other driving factor behind any successful business is authenticity. So, you cannot launch a business premised on just any old purpose, it must be a purpose authentic to you, one that you genuinely believe in. In other words, it must be your purpose.

Your most valuable asset is not a traditional financial asset, such as a stock, bond, real estate, etc. Your most valuable asset is YOU—that is, who you are and the impact you have on society and culture.

There is a long list of famous people who died without having a will. In recent years, music icons Prince and Aretha Franklin shocked the world when it was reported that neither had a will or estate plan when they died. According to a recent study, 60% of all Americans currently do not have a Will. The question is: Why? Some will say that the reason is simply that artists like Prince and Aretha Franklin do not want to think about their death, that they feel a sense of immortality and that planning for their death is just not at the top of an artist’s list of priorities and is continually pushed off while their career and other matters are focused on. While there may be some truth to these assertions, the problem is actually a lot more complex. In fact, the real reason why artists like Prince and Aretha Franklin die without a will has less to do with the artist failing to act and more to do with how legal, tax, financial and other professional advisors address the issue.

The terms “legacy” and “legacy planning” are being increasingly used by wealth managers, estate planners and other financial advisors. Unfortunately, these terms are mostly used as synonyms for “estate” and “estate planning.” Learn the true meaning of your legacy and how you can proactively plan and build your legacy through a legacy plan.

This global pandemic is happening to all of us and it will be part of each of our legacies. Your traditional financial assets can do very little in this time and, in fact, many have lost money because the markets have all been negatively affected. Now is the time to use your human assets to define your legacy. Now is the time you can invest in and grow your human capital through this experience.