While no one ever wants to face the inevitability of the end of their own life, it is always best to accept this and make your wishes known. By planning your estate relatively early in life, you will be able to relax in the knowledge that whatever happens, your children and loved ones will be taken care of.
While planning your estate in your 40s may sound early, it’s advised that those with children or considerable material assets do so even earlier. If you are struggling to finalize your will or you’re not sure where to start, the following are some considerations.
Remember why you are making a will
If you’re hesitant to start planning your estate, take the time to remind yourself of why you are making a will. You are likely making a will so that your loved ones are not faced with excessive amounts of stress at the end of your lifetime, and so that your loved ones can get an inheritance in the way that you wish. If you have dependent children, you’ll also want to ensure that you have named a guardian for them and that they will be well looked after in any eventuality.
Remind yourself of what would happen if you pass away without a will
If you pass away without a will, your loved ones will have the burden of dealing with the complexities of your estate in addition to their grief. There will likely be many months of uncertainty and stress for them which you can prevent by taking action now to draft a will.
Making an estate plan does not have to be overwhelming. You can start by drafting a will that simply explains your wishes. It’s always better to start with the rudiments and build up your plan in the years to come.
If you’re in your 40s and you’re considering planning your estate, make sure that you understand the process so that you can do so confidently.