The estate planning process can be full of uncertainty. As a result, you may not be 100 percent confident in the decisions you have made in the past as well as those you are thinking about making in the future.
When fear sets in, when you don’t know exactly what you are doing, there could come a time when you “shut things down.” Rather than focus on creating the right estate plan at the right time, you let your fear get the best of you.
Here are three common estate planning fears that have the potential to slow you down:
- Fear of leaving your estate to the wrong person or people. For some, this is cut and dry. For example, a married spouse may leave everything to their partner. For others, however, there is more gray area.
If you are unsure of who to name as your heirs, take some time to consider all your options. This will open your eyes and help you decide how to move forward.
- Fear that your decisions will upset somebody you care about. Let’s face it: you could make an estate planning decision that makes somebody mad. For example, if you name one family member a beneficiary but not another, you could hurt the person’s feelings who is left out.
Tip: the best way to deal with this is to make the decision that is right for you. If it means that somebody is upset, you should explain your stance to the best of your ability.
- Fear that you will turn up something you have done wrong. There is a good chance that estate planning will open your eyes to mistakes you have made in the past. In fact, this is to be expected. But here is the good thing: you can fix any mistake, no matter what it may be. As long as you pinpoint the error and put time into addressing the issue, you can leave this in the past.
These are the types of estate planning fears that have slowed many people down in the past. You can avoid the same fate by taking the right approach. Let us help you make the right decisions at the right time.
- Neither Age Nor Health Determines Whether You Need an Estate Plan - January 19, 2022
- Tax Planning for 2022 - January 12, 2022
- The Questions of Estate Planning, Part 6: Why - January 6, 2020