I wrote a piece entitled “How Writing a Will Is Like Backing Up Your Hard Drive,” which emphasizes that, in life, as is the case with computing, a little early planning prevents a lot of pain down the road. Having a will also prevents the loss of a great deal of money due to legal fees and taxes when this money could be used to transfer wealth to loved ones or to charitable organizations. Planning and protecting your legacy has great value for generations to come.
Identifying individuals or institutions you trust to guard your legacy, whether this includes the protection of your “Diamonds and Pearls,” your wealth, or your children, can be a hurdle. Don’t delay! Begin conversations now with your family and financial advisors to help you think through your concerns. It is important that you are confident that your affairs will be handled according to your wishes.