Estate planning is something that no one really wants to deal with if only because they have to address the issue of their mortality. Given the rather moody and unhealthy mindset we’ve developed regarding the end of life, it’s safe to say that most people try to avoid talking about death as, well, death. It’s not an easy topic to raise, and it certainly doesn’t get any easier when talking about how your belongings will be distributed after your passing. What’s more, when it comes to your finances, the subject of estate planning is even more difficult because it involves coming face to face with some important numbers.
It’s a shame that so many people tend to approach their final financial planning as a way to show how little they have accomplished in their lifetime. People should focus on the fact that they are making a plan to benefit your family after you are gone. They must be allowed to cry, and proper estate planning accomplishes this task.
Here are five secrets (truth be told, it’s common sense) to successful estate planning:
1. Write a Will – Creating a simple version of your will doesn’t cost much and at least starts the process of where things can be when you approve.
2. Name of Executor: As the title suggests, this is the person who will take care of all aspects of your estate. You want someone you can trust, but you also want someone you know will do a good job.
3. A Living Will: A living will scares many people because it makes you face the possibility that you have suffered a serious accident or that you cannot communicate with those around you near the end of your life. The major court cases and lengthy family dramas stem from a living will that is not available and everyone is struggling to know perhaps what you might think it might do for you. It can get dirty.
4. Update Your Will – Not only should you begin your estate planning process, but you should also review your documentation at least once a year. Any changes that may come your way, such as major life events (i.e. deaths, marriages, etc.) can change the content of your will, so it is worth checking regularly.
5. Communication: Before a final reading of your will is approved and carried out, and certainly before you are unable to communicate with your loved ones, you need to keep the lines of communication open so that you can tell all the plans you have. doing. Yes, your will is the legal document of registration, but if a problem arises regarding your intentions, you have at least been keeping everyone aware of your wishes.
Estate planning is not a fun time. However, instead of approaching the matter as a boring “to-do”, treat it as just another note on your schedule. It is quite a defining moment in adulthood and one that everyone should understand is perhaps the most important thing they will do to help your family when you pass away. But it is not a way of signifying the end of life; It is more of a symbol that you have your sights firmly set on the future.
