6 Tips for Your Legacy

For most people, writing (or equally important, updating) a will tends to sit at the top of the “not now, thanks” list, along with dental appointments and colonoscopies. (Sorry, doctors.)

A discussion about the things you will leave behind when you die will certainly carry an emotional charge. There isn’t much to be done about that.

We offer the following advice for this tough subject:

1. End the procrastination. A will, powers of attorney and health care directives are all essential for almost anyone.
2. Prepare your estate planning documents with optimism about the future. We suggest you act as if you are “already rich,” since your emotional resistance to revisiting your plans may be just as high as the first time around.
3. If you have children, at the very least you need to name guardians. You should also consider establishing a trust to protect your children from others and from themselves. Trusts are not only for the very wealthy.
4. No matter how simple or extensive your planning needs are, work with an attorney who specializes in estate planning and estate law. This subset of the legal profession exists because the process is complex. There is a lot to know and many things that can go wrong.
5. Any estate planning documents you do have are only as good their alignment with your current circumstances and wishes. They must be updated in a timely manner in response to life changes, including, but not limited to: marriage or divorce, new child, death of those named, change in state laws, or simply the passage of time.
6. Talk to us. We can review your options, and help you connect with an attorney. It’s often the first step that is the hardest. We’re happy to get the conversation started.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by TGS Financial Advisors), or any non-investment related content, made reference to directly or indirectly in this article will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this article serves as the receipt of, or as a substitute for, personalized investment advice from TGS Financial Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. TGS Financial Advisors is neither a law firm nor a certified public accounting firm and no portion of this article’s content should be construed as legal or accounting advice. A copy of the TGS Financial Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.