Mistakes You Should Never Make When Planning Your Estate

Hello Pals,

You see, "estate planning" is a topic that most people are not familiar with, and even if they are, they often make some serious mistakes. So, I thought of writing to you about some common mistakes that you should avoid when planning your estate. Like I told my friend Emeka, who insists that this kind of conversation is for when we're in our fifties, the best time to plan your estate was yesterday, and the next best time is now. I know you also agree with me.?

Estate planning is essential, and as soon as we become adults and begin to acquire or grow wealth, we should have estate planning in mind. It helps you list your assets early and ensures that none are forgotten.

The Mistakes?

The first mistake to avoid is failing to list all your digital assets. Today differs from previous generations in many ways. Then, assets could only be counted as what you physically owned and what was visible, but currently, assets can be digital too. In essence, digital assets like your social media accounts and online investments should be considered. Decide how you want them to be handled and include that in your plan.

Secondly, always find time to review your plans. Life changes constantly, and so do you, your assets, and your earnings. It's important to regularly review and update your estate plan, especially after major events like marriage, childbirth, or even inheritance.

You know the quote, "Procrastination is the thief of time." Permit me to add that it's also the thief of joy. Procrastinating is one of the biggest mistakes we make in life, especially when it comes to important things like estate planning. Life is unpredictable, and anything can happen at any time. To stay ahead of life and avoid leaving your family in a dilemma, you should avoid putting off planning your estate.

Never underestimate the power of communication; avoid keeping your loved ones in the dark. Discuss your wishes with your family, and let them know where to find important documents. This will ease the burden on them during a challenging time.

Lastly, ensure you list all your assets. I joked earlier that when you're old and gray before you start planning your estate, you might forget some assets because they might be too much to remember all. The bottom line is that not listing all your assets in your plan can lead to confusion and delays. Take an inventory of everything you own, including bank accounts, social accounts, jewelry, investments, and real estate, so that life will be much easier and more peaceful for your family once you pass away.

After all this million-dollar advice that I've given you for free, maybe you should add me to your estate. Oh, and my friends at Leadway Capital and Trusts can help with that. You can also say hello with a direct message or a comment, and they'll respond.?

?Start planning your estate now! See you next week!

Lots of love,

Caleb

From Leadway