Let’s face it — no one likes to think about death. Especially your own. However, you should start preparing now for that inevitable day, and estate planning is the smartest action you can take for your family’s future. When you start your plan, make sure to steer clear of these familiar missteps.
The worst mistake you can make is not having a plan at all, but waiting too long to develop one is almost as bad. Unfortunate events happen, so you are never too young to start planning for your future. Setting up beneficiaries for your assets, no matter how small they might be, will help your family in the untimely event of your death. You can always alter your estate plan when your financial and personal life changes as you get older.
Not planning for the worst
There are several unexpected scenarios — especially negative ones — that you need to consider. What if there’s a decline in your partner’s health? A health crisis or long-term disability can be very costly. You should put safeguards in place to decide who will make healthcare decisions, handle your finances and look after your children. Creating documents that cover any potential medical costs and decisions are just as important as a will.
Doubting your own mortality
Whether you want to accept it or not, everyone will die someday. Don’t put off your estate planning to avoid dealing with an uncomfortable situation. Protect your family by taking steps today, and you can minimize the complications for your loved ones in the future.