No one wants to look at it, no one even wants to think about it, yet there it looms — the giant estate planning elephant in the room. It's impossible to coexist happily, so you know you'll have to tackle the beast at some point, and when it comes to your financial well-being, earlier is always better than later.
So what's holding you back? Many Americans mistakenly believe estate plans are only for millionaires, but many more are simply threatened by the perceived scope and difficulty of such a goal.
Spend a weekend doing a household walkthrough as well as a walkabout of any property beyond the walls of your home, ticking off and logging assets as you go.
Estate planning is a serious endeavor, so it's not uncommon for people to use their perception of estate planning as a long, difficult, tedious and time-consuming process as an excuse to procrastinate. But there's no need to stall along the path to reaching your estate planning goals, especially if you break the process down into simple, easy-to-manage tasks. And after all, isn’t that the best way to eat an elephant? Take it one bite at a time, and before you know it, you'll have a solid estate plan in place — not to mention the peace of mind that comes along with it.