BY: Michael Romero, JD,CWS®
President, Argent Trust
Oklahoma
In these volatile times, the idea of financial peace of mind can seem far-fetched. Especially when…
- An incident 8,000 miles away roils the markets and causes your portfolio’s value to plunge 15%.
- A sudden health crisis has you wondering Why didn’t I…
- A family drama uncovers a glaring lack of long-term planning.
While there’s no iron-clad plan that can guarantee anyone financial peace 24/7/365, there is a way to enhance your mental tranquility when it comes to money matters.
That’s by taking a proactive approach to financial planning—especially estate planning.
Let’s explore how wise planning can contribute to a greater sense of calm in an increasingly chaotic world.
Four Emotional Benefits of Estate Planning
Here are four ways a good estate plan can help alleviate emotional turmoil:
1| It gives you more clarity and control. A well-designed estate plan will allow you to clearly specify how you want your assets distributed and whom you want acting as your executor and/or trustee. You can also stipulate who will make decisions on your behalf if you become incapacitated. Clarifying such matters minimizes uncertainty for everyone.
2| It diminishes the chance of conflict. A good estate plan isn’t magic. It can’t eliminate all family tensions. But it can preemptively settle potential disputes over assets. You’ll feel better knowing your intentions are spelled out in writing. This can reduce stress for your loved ones during an already difficult time.
3| It ensures your loved ones will be cared for. Imagine being free from the burden of “Will my family be okay financially?” Knowing they will be provided for in the event of your incapacitation or death is a giant load off your mind.
4| It prepares you financially for the unexpected. To the two certainties of life—death and taxes—we can add one more: uncertainty. Estate planning can’t ward off illnesses or death. But it enables you to be able to say with a clear conscience, “I did everything in my power.”
Every time I bring up this subject, people ask me questions like:
“I know this kind of planning is important, but I keep putting it off…why?”
I believe we resist taking care of this critical matter because estate planning involves detailed discussions about what happens when we die. Most of us don’t want to think about that eventuality.
However, ignoring it won’t make it go away. And it certainly won’t give us peace of mind.
“When’s the best time to do this?”
Right now. Don’t wait. Life is too uncertain. And experience shows that it’s wiser to finalize your planning when you’re young. As we age, our ability to work through the abstract thinking necessary for proper planning diminishes. Therefore, it’s essential to address these matters while we still have the cognitive capacity to make informed decisions.
“How do I start?”
If the thought of planning for your family’s future has you feeling confused…if thinking about how your assets are being managed (or might be managed in the future) puts you in a bad mood…if the fact that you don’t yet have a will has you feeling irresponsible or guilty, reach out to our team at Argent. We can surround you with an expert team that will help you think through all your best options and guide you step-by-step in creating a custom plan that’s right for you.
So much of life is beyond our control. There are countless situations we can’t fix or change. However, when we’ve done our part to create a good estate plan, we can rest easier, knowing that we’ve been proactive, thoughtful, and responsible.
Take action today. Create a sound estate plan and take a giant step toward greater financial peace of mind.
