Estate planning can have its challenges and they could cause you to procrastinate. However, with the right help you can overcome many of these problems to ensure you have adequately prepared for the future.
A common misconception about making an estate plan is that you must have a lot of money or have had to reach a certain age. Anyone can make a strategy, and the sooner you do, the more effectively you can secure your assets.
One challenge you might face is not knowing what money you have. This is an issue that you can quickly overcome when you take a comprehensive inventory of your assets. Start making a list of what you have including your bank account, inheritance money and investments. When you know exactly what you have available, estate planning will happen easier.
If you are not married or do not have children, you could view this as another barrier to estate planning. According to CNBC, a staggering 67% of Americans do not have an estate plan. Choosing to forgo planning because you do not have any beneficiaries might mean your money ends up in the state’s hands.
Before you disregard planning completely, take an assessment of your relationships. Beneficiaries might not be who you would think. You could choose a charity to give your money to or a scholarship fund.
Know what your goals for the future are. Having no direction or purpose can make identifying an estate strategy much harder. Think about what you value most in life and how you can align your goal setting with what matters to you.
Creating an estate plan does not have to be hard or stressful. A bit of effort now can give you peace of mind throughout your life.