BY NICOLE SILVER
Have you or someone you know delayed their estate planning? There are a number of reasons why estate planning may not seem the most important thing to do at this stage of your life. This is a common mistake that people of all ages make that can easily be fixed with pre planning. Here are the most common misconceptions about estate planning.
You are too busy to think about estate planning.
The truth is everyone is busy, estate planning is something that must be done before it is too late, it can not be completed in the last hour and it does take time. Make it a priority now and you and your family will not be caught out when it’s too late.
Your estate is not large enough to warrant estate planning.
People usually under estimate how much they really have. Once you start breaking down your wealth you begin to see how much you own and how it could be an issue after your death if you have not given any direction as to your intentions.
Estate planning can be intimidating and complex.
There are professionals to help you determine the best ways to manage your estate which are suited to your particular needs. The right professional can make estate planning a very simple process for you. Contact us for guidance on professionals in your location.
You’re too young.
You never know what may happen to you during your life time, death has no entry requirements. An appropriate example would be a young father who has not completed any estate planning, he then suffers a serious car accident and is mentally and physically disabled. His wife will be left to deal with all the families finances as well as the care and protection of her husband and children. If something then happened to the wife, what would happen to the estate and the children?
It’s too expensive.
Upon your passing, the expenses to your family both financially and emotionally can be quite tolling and can far exceed the cost of implementing and maintaining an effective estate planning program. The cost can be tax deductible depending on your citizenship, costs can also be reduced in other areas depending on how much involvement you have in the process.
You don’t want to think about your death.
This is a hard concept to grasp and sometimes it can be emotional but this is a necessary step in arranging your affairs so your loved ones are cared for and do not need to worry about your assets and property.
You do not need to worry about what happens after your death.
This is the biggest mistake people make, believing that estate planning only takes effect after their death. A good estate plan benefits you throughout your life including tax planning, it also provides comfort to your family and the deduction of death estate taxes, lengthy probate and legal costs.
Southpac Group can play a large part of this. We work with many estate planning professionals and we can refer you to one who is best suited to help your requirements.