You do a lot of financial planning in your life. You carefully consider every loan and every credit card. You put away money for retirement. You save up money for medical expenses. You consider every type of insurance you may need.
However, you also avoid doing your estate planning. It’s perhaps the biggest financial plan you need for your entire life, but you put it off. You feel hesitant to talk about it. No one else wants to bring it up.
Why is this? Why do you have this natural inclination to avoid it?
For many people, the reason is simple: Estate planning makes them uncomfortable. It means they have to think about dying. They have to honestly consider the end of their life and a time when they will no longer be around to control their estate or give assets to their children. The documents have to do it for them.
No one likes to think about the end. No one thinks it is coming soon. You probably assume you will live into your 80s or 90s, despite what the statistics tell you about accidents and disease. You don’t want to think about passing away before your time, so you don’t create an estate plan.
As common and understandable as this mindset is, it also presents a serious risk. You never know when you’re going to need that estate plan. It can massively help your heirs and influence their future. You’re better off to draft it decades before you need it than to keep on putting it off indefinitely. Take a look at all of the legal steps you’ll need to take to create that plan.