I have realized just how many of us are unprepared for life’s unexpected turns and how much heartache that can cause. And with that I was able to sit down with Lawyer Damalie Tibugwisa to learn and speak about Estate Planning. And Here are six lessons from their discussion that I wish everyone knew, no matter your age or background.
1. Estate Planning Isn’t Just for the Wealthy.
One of the biggest myths is that estate planning is only for people with mansions and millions saved. The truth? If you have anything from a small business to a few cherished belongings, or even just clothes in your closet, you have an estate. Planning isn’t about how much you have, but about making sure what you do have goes to the right people, with as little stress as possible.
2. Start Now, Not Later
Life doesn’t give us a heads-up before things change. Whether it’s illness, an accident, or something else unexpected, waiting until “someday” to plan can leave your family in a really tough spot . If you’re over 18 and have any responsibilities kids, siblings, parents, it’s time to start thinking about your wishes and putting them in writing.
3. A Will Is Not a Luxury, It’s a Necessity.
A will isn’t just a legal document; it’s a love letter to your family. It spells out what you want to happen with your assets, who should care for your children, and even your final wishes. Without one, your loved ones could face confusion, conflict, or even lose what you worked so hard for. Don’t assume things will “just work out” be clear, be specific, and update your will as life changes.
4. Trusts Offer Protection and Flexibility
Many people don’t realize that a trust can help protect assets, especially if you want to provide for children, stepchildren, or loved ones with special needs. Trusts can keep property or businesses intact for future generations, and they can take effect while you’re alive or after you’re gone. They also help avoid lengthy court battles and ensure your wishes are honored.
5. Be Honest About Debts and Liabilities
It’s tempting to focus only on what you own, but debts matter just as much. If you don’t clearly list your liabilities, your family could be left with unpleasant surprises or even lose assets to creditors. Transparency is a gift: make a list of what you owe, who owes you, and keep it updated. My husband and I have a planner that clearly indicates our assets and liabilities, and this is reviewed every twice a year.
6. Legal Advice Is Worth Every Penny
DIY templates might seem easy, but estate planning is too important to leave to chance. A good lawyer helps you think through the “what ifs,” set up checks and balances, and avoid costly mistakes especially when it comes to choosing trustworthy trustees. Professional advice gives you peace of mind and protects your family from future headaches. And at Tara Advocates, they do just that.
Estate planning isn’t only about expecting the worst, it’s about loving your family enough to prepare for anything. Don’t wait for a wake-up call. Take these lessons to heart, start the conversation, and give yourself (and your loved ones) the gift of peace of mind. If you would like to watch the full episode about Real Estate Planning.
Check it out below.⬇
The Truth behind Wills, Trusts and Estate Planning
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