ESTATE planning is one of those jobs many people know they should tackle but often push down the to-do list.
For some, it is something to worry about later in life. Others assume a simple will is enough, or that estate planning is only necessary for people with substantial wealth.
Here are some of the most common myths surrounding estate planning and why getting organised earlier can make a significant difference.
Myth: I’m too young to need a will
It can be uncomfortable to think about death when you are young and healthy, but unexpected illness and accidents do happen.
Major life events such as buying a home, getting married, separating, having children or starting a business are all good reasons to consider making or reviewing a will.
Rather than being something that begins at retirement, estate planning can evolve throughout adult life.
Myth: My family knows what I want, so I don’t need to put it in writing
Family members may have discussed someone’s wishes for years, but verbal conversations are no substitute for properly prepared legal documents.
Clear documentation can provide certainty and help reduce the risk of disagreements developing at an emotionally difficult time.
Myth: Estate planning is only about what happens after I die
A comprehensive estate plan can also deal with what happens while you are alive but unable to make certain decisions yourself.
This makes estate planning as much about protecting yourself during your lifetime as organising what happens after death.
Myth: Estate planning is something I can deal with later
This may be the most dangerous myth of all.
Estate planning relies on being able to make decisions and put appropriate arrangements in place before they are needed.
Putting the conversation off indefinitely can mean families are left trying to untangle financial and legal issues during a period of grief or crisis.
The process does not need to be driven by fear. At its heart, estate planning is about preparation.
Having clear, current arrangements can give people greater control over their affairs while making things easier for the people they care about.
For many families, the hardest part is simply starting the conversation.
