The 4 Real Reasons to Plan

When people are asked about why they are planning, the most common answer I hear is “for peace of mind.”  But how does planning give you peace of mind?

The common answer is it leaves you less to worry about.  But how?

It is my belief there are 4 reasons estate planning is invaluable and lead to peace of mind:

 Safety/Security/Protection

             Safety, security, and protection are where most people stop talking when you ask them about the advantages and value of estate planning.

Planning does protect you and your family against creditors, financial predators, and gold diggers.  Planning protects your hard earned wealth from being wasted by children on frivolous things.

Planning protects your children and spouse because it provides them a safety net.

Planning provides safety, security, and protection.  But, what else do you get?

Predictability/Knowing

             While nobody can predict the future with 100% accuracy, you can predict what happens with and without a plan.

You can predict how things will be taken care of.  You know your children or spouse don’t have to make tough decisions in the future because you have made them now.  You know that brothers and sisters won’t have to argue over agonizing choices.

Without a plan you risk the opposite of everything above.  Your children, spouse, brother, and sisters may agonize of your tough decisions.  They may fight and squabble.  A judge may even end up getting involved to settle the dispute.

 Certainty

             You can be certain about the outcome of your future.  You will know who is there for you.  You will know who gets what and when they get it.  You will be certain that wealth will stay in the family.

You can be certain of the success of your plan.

Roadmap to Success

As has been said, estate planning is about protection, certainty, and predictability.  However, the real job is to understand where you are now and where you want to be tomorrow.  Then the job is to craft a plan for your success.

Success is protecting you during your lifetime; transferring your wealth to the people you want to have it in the amount you want at the time you want; and minimize costs, fees, and taxes.

This requires the documents of estate planning:  a Last Will and Testament, Powers of Attorney for property and healthcare, Beneficiary Designations, maybe a Trust, and tax advice.

 

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