Common Mistakes People Make When Planning Their Estate

Let’s face it, you aren’t going to live forever. Sooner or later, someone will have to manage your affairs once you pass away. When this day arrives rather than having your family and friends put pieces of your life’s financial puzzle together, it’s advisable to give them a complete picture. Formulating an estate plan is usually the most practical way to help your next of kin manage your finances in the eventuality of your death.

Unfortunately, many people either overlook the importance of planning their estate or do so incorrectly. As certified financial planners, we understand that estate planning can be a complicated task. However, with a well-informed plan, you can make a big difference in what is left for your loved ones.

If you’re in the process of creating an estate plan or haven’t set about creating one yet, BPS Financial Inc. has put together a list of the three most common mistakes people make when planning their estate and how to avoid them.

1. Not planning accurately for the future.
The purpose of an estate plan is to prepare for the future. For this reason, your planning should be futuristic and not solely based on today’s scenario. Unfortunately, many people don’t consider this, which makes it difficult for them to make accurate estimates. For correct values, you need to keep evaluating your estate as and when you make any changes and as per the market’s performance.

2. Not obtaining the proper guidance.
Lack of proper guidance during estate planning can result in miscalculations and incorrect disbursements. If you possess complicated assets or in case, you’re unsure of your ability to prepare your estate plan, you must consult a financial expert. These experts can save your money through strategic tax-planning and help you create a detailed estate plan that’s flawless.

3. Not accepting the advice of your planner.
Not listening to your advisor is as good as not having one. Estate planners are trained to help you make smart choices and ensure you haven’t left out any of your assets. As a result, it is vital to listen to their suggestions, ask questions, and then implement their strategies.

To prepare yourself against these and other mistakes when planning your estate, reach out to the experts at BPS Financial Inc. As certified financial planners in Mississauga, ON, we aim to enlighten our clients about financial planning, investments, and insurance. We have a well-educated team of advisors who can help and guide you to achieve your financial goals with the help of the best-suited life insurance and investment options.

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