Worried About Estate Planning? It’s Not As Scary As You Think
Many people put off estate planning because they don’t want to think about the end of their lives. This is very understandable.
In fact, one study from
King’s College London found that nearly half (47 per cent) of UK adults are worried their death or that of a loved one will be painful or undignified.
Estate planning also feels like a problem that can be tackled in the future – particularly when you’re in your 50s or 60s and have a lot of life ahead of you.
However, many of the clients we work with also reveal that they have spent time worrying about their lack of estate planning. They consider it a complicated process. This puts another barrier in place, which leads to further procrastination.
But when you work through this process with an experienced professional, estate planning can be much simpler than you might imagine and bring you a level of clarity you may not have expected.
Where do you start with estate planning?
If you contact Sure Wealth for estate planning in Woodford, the first step is always what we call a Legacy Clarity Session. What surprises many people is that this session is focused much less on your financial wealth and much more on what is of value in your life.
This distinction is important. Once we know what is most important to you – whether that is supporting your children or grandchildren, putting succession plans in place for your business or charitable giving – it is much easier to create your bespoke estate plan.
During this conversation we talk about your family dynamics, what really matters to you and how we can translate what you hold dear into an estate plan that provides clarity and direction.
What is the first step for creating an estate plan?
What needs to be included in your estate plan will depend on your individual circumstances, but there are a few key pillars that we focus on for the vast majority of our clients.
First and foremost, it’s important to have an up-to-date will. Data from the
National Will Register reveals that only 53 per cent of adults in the UK have a will at all.
Wills are often thought of as “once-and-done” documents. But the reality is that you should revisit and amend them as your life changes.
So, if you have a will, we’ll assess it for its relevance to your current circumstances. If you don’t, we’ll work with a professional will writer to create one.
Other key elements in any estate plan include lasting powers of attorney, trusts, inheritance tax plans and healthcare directives. In many cases, what’s required will be revealed by that initial clarity conversation.
Ultimately, creating your estate plan is not about focusing on what will happen when you pass away. Instead, it is about creating clarity and removing anxiety around what will happen at the end of your life.
In most cases, that clarity and calm is far more valuable than any financial asset, because it allows you to live your life on your terms, without worrying about what the future might bring.
If you’d like to escape the cycle of worry about what will happen when you pass away and gain clarity over your estate plan,
book a Clarity Call to find out how we can help.
