Estate planning is one of the most important preparations you can make when considering your family and wealth. It’s not always an easy process, but it makes an invaluable difference to your family and loved ones.
Still, some people choose to forgo estate planning—which we believe is unwise in many cases.
Having a sound estate plan gives you peace of mind that the legacy you’re leaving behind will positively impact the people and organizations you care about most. We at OWLFI understand that ensuring your loved ones are taken care of after your passing is a deeply personal matter, and are committed to helping you craft the estate plan right for your unique needs and wishes.
But before we assist you, let’s take a look at some of the most common misconceptions about estate planning and dispel them.
Misconception #1: Your net worth doesn’t necessitate estate planning
Some people believe they do have a high enough income or possess adequate assets to afford a proper plan. Whether you own a single property or many, have additional assets, or are the primary provider for your family, you need an estate plan. Even common assets like an automobile, investments, or home make it wise to plan for your family’s care after your passing. This is especially true if you have young children or a spouse who may experience significant financial difficulty. If you’re even remotely concerned about your family’s future, don’t hesitate to reach out to us to begin planning today.
Misconception #2: Wills are the same thing as an estate plan
Both are important to have, yet there are some key differences. Wills are legally binding documents outlining essential information about asset distribution after your passing. In your will, you can identify guardians to become responsible for your family members who require help in old age or with physical conditions, among other specific considerations.
An estate plan, however, covers additional factors. Your plan will determine asset distribution in a manner that affords your beneficiaries maxim benefits and enables you to oversee specific matters not identified in a will. OWLFI can help you with each step of the planning process, including minimizing taxes and other expenses.
Misconception #3: Planning is a one-and-done event
The only constant in life is change, and this applies to your estate planning. Because life throws us curveballs and people and their needs change, your plan will likely change, too. Whether your family grows, shrinks, or financial markets or health issues deeply impact your financial situation over time, having the ability to update your plan is essential. We recommend you regularly review your plan with an OWLFI team member to ensure your plan meets your and your family’s needs. We can help you navigate and update your plan as often and as quickly as you need, so you never have to worry about whether or not your plan is exactly where it needs to be.
Give Yourself Peace of Mind with OWLFI
We know that estate planning is a huge decision, and we respect your concerns, needs, and goals and are here to help give you confidence that your family is provided for. Don’t hesitate to reach out to OWLFI today to learn how we can help you begin or update your plan today.