Making The Deal Count

Estate Planning Issues And How To Overcome Them

29 January 2019

Trix Van Zee

Estate planning seems like something you would do after retirement. After all, you are not expecting to die until you are very old. However, that is exactly the kind of thinking that causes you not to plan ahead for your heirs and then you find out (too late!) that you will not live to be as old as you thought you would be. Estate planning is not just for seniors; it is for pre-retirees and middle-aged people too. Here are some common issues people have with estate planning and how to overcome them.

​You Do Not Know What You Will Have Twenty to Forty Years from Now

​Estate planning is often thought of as something much older people do because at that advanced age people know what they have in terms of property and assets. You do not really know what you will have when you are in your forties, fifties, or even when you retire. However, that is a fairly common idea, and one which is not too difficult to overcome. 

If you have a house, and you do not intend to sell it, will the house to whatever heir you choose, or word your will such that it provides for a sale of property clause. This will allow your heirs to sell any home you had in life to make a profit and split the profit among heirs equally. Second, work with a financial advisor on how to pay down debt and eliminate debt so that you will not have to leave your assets in probate until debts are settled. Third, work with a retirement planning advisor, who can help you multiply the few assets you have now into something worth passing on to your heirs. Then you can use general language in your will just to have a will prepared, and then revise it to be more specific at a later date. 

You Have Very Little at the Moment

​If you are in your forties or fifties and you do not have much in the way of assets right now, you are not alone. With all of the recessions and financial hardships people have faced in the previous decade, it is easy to see how many people have not been able to save anything, let alone invest. That is okay, because financial advisors and estate planners can show you how to make much more of what you do have. Then you will not only have enough for your retirement, but also a little (or a lot) to leave to your heirs.

Contact a service, like Thomason & Hessmer, for more help.

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