The five secrets of successful estate planning

Estate planning is something no one really wants to deal with, if only because they have to address the issue of their mortality. Given the rather cranky and unhealthy mindset we’ve developed regarding the end of life, it’s safe to say that most people try to avoid talking about death as, well, death. It’s not an easy subject to bring up, and it certainly doesn’t get any easier when talking about how your belongings will be distributed after you pass away. Also, when it comes to your finances, the subject of estate planning is even more difficult because it involves coming face to face with some serious numbers.

It’s a shame so many people tend to approach their final financial planning as a way to show how little they’ve accomplished in their lifetime. People need to focus on the fact that they are making a plan that will benefit your family after you are gone. They must be allowed to grieve, and proper estate planning accomplishes this task.

Here are five secrets (actually, it’s just common sense) to successful estate planning:

1. Drafting a will – simulating a simple version of your will doesn’t cost much and at least starts the process of how things stand when you approve.

2. Executor’s Name – As the title suggests, this is the person who will handle all aspects of your estate. She wants someone he can trust, but she also wants someone she knows will do the right job.

3. A Living Will – A living will scares many people because it makes you face the possibility that you have been in a serious accident or are completely unable to communicate with those around you near the end of your life. Big court cases and long-running family dramas have arisen from a living will not being available and everyone scrambling to know maybe what you might think would be right to do for you. It can get dirty.

4. Update your will: Not only do you need to start your estate planning process, but you also need to review the documentation at least once a year. Any changes that may come your way, such as major life events (ie deaths, marriages, etc.) can change the content of your will, so it’s worth reviewing it regularly.

5. Communication – Before you pass away and a final reading of your will takes place, and certainly before you are unable to communicate with your loved ones, you should keep the lines of communication open so that you can tell everyone what your plans are. making. Yes, your will is the legal document of record, but if an issue arises regarding your intentions, at least you’ve kept everyone in the loop about your wishes.

Estate planning is not a fun time. However, instead of tackling the matter as a “to-do,” think of it as one more note on your agenda. It’s quite a defining moment in adulthood and one that everyone needs to understand is perhaps the most important thing they’ll do to help their family when you pass away. But it is not a way of signifying the end of life; it’s more of a symbol that you have your sights set firmly on the future.