Your Final Moments
Picture this; you’re lying in a bed as the clock’s arms above you edge closer to the final moments of your life. Around you, you see framed photographs of all your life’s highlights. From a childhood photo with your parents to the moment you first held your grandchild, and everything in between, it’s all there.
You hear a knock on the door, you know what’s coming. After all, you’ve imagined this moment for a while now; seeing your family members’ teary but smiling faces as you bid them your final earthy farewell. A good end to what has been a good life.
However, when they all enter the room, you notice their emotions are marked with fear, anger, uncertainty and envy. What should have been your last heartfelt conversation quickly turns into a heated death-bedside debate regarding what should happen with everything you’re leaving behind. You desperately do not want this to be your family’s final shared memory of you.
Avoiding Estate Planning
As much as I’d like to say this is a worst-case scenario, it really isn’t. This very end-of-life situation happens every day to hundreds of thousands of people across the globe, people who never bothered to plan their estate, people just like you. This is clearly an awful situation that many would want to avoid, which begs the question; why don’t we?
Don’t feel ashamed, it’s only human to want to avoid thoughts and situations associated with one’s own death. But trust me when I say that a few uncomfortable moments of planning are well worth it if it means getting to avoid traumatic family disputes during the late twilight years of your life.
Estate planning can also offer you a whole lot more than just a peaceful departure, it can also give you one last opportunity to leave each family member a life-changing gift for them to remember you by.
Prepare an Estate Plan
So, where to begin? Unfortunately, estate planning is a little more complicated than just deciding who gets what. In fact, there is much to consider and plenty of decisions you can make regarding how you want your assets distributed. For instance, perhaps you only want your children/grandchildren to receive their inheritance later in life so that they maintain their motivation to forge their own career path.
Another common consideration is whether you’d like your assets to be evenly distributed or rather distributed according to need. The latter is a particularly important bit of information to get down on paper as there have been a fair number of families who have lost thousands in legal fees due to inheritance-related disputes.
If the above paragraph got you thinking, let me just say that the above is only the tip of the iceberg when it comes to planning your estate. But don’t worry, from navigating remarriage, succession and taxation laws, we at Real Life Financial Planning are here to help you with it all. And remember, while one’s death is certain, the exact timing is not.
Don’t let a sudden tragedy rob you or a terminal issue rush you when it comes to formulating a plan that ensures your family can lead a fruitful life even long after you’re gone.
Create a Legacy
“Live as if you were to die tomorrow. Learn as if you were to live forever.” – Mahatma Gandi
To make a start on your estate plan, download our ebook, “What is a Real Life Estate Plan?” or book a call, and begin your journey to make sure you protect the wealth you have created and preserve your legacy for many generations to come.
General Advice Warning: Any advice on this site is general advice only and does not take into account the objectives, financial situation or needs of any particular person. It does not represent legal, tax, or personal advice and should not be relied on as such. You should obtain financial advice relevant to your circumstances before making any decisions.