The future is uncertain, but your estate planning doesn't have to be.

Typical reactions of people while initiating any discussion on Estate Planning would be one of these four or its likes:

• Estate planning? Isn't that just for millionaires?
• I don't have time for all that legal jargon and paperwork now!
• I'm healthy, I don't need to think about this until I'm old.
• My family wouldn't fight over my assets, it would sort itself out.

But we must remember that no matter how small, our assets can make a big difference in someone's life. We shouldn't let fear of complexity keep us from protecting our loved ones' future. It's never too early to plan, but it can be too late. It is our moral responsibility to avoid the uncertainty and potential conflict by making our wishes clear.

Having emphasized enough about importance, I must accept that most people struggle with estate planning and fall prey to some common blunders. Just by avoiding these, one can distinctly stand out and, most importantly, secure the hard-earned wealth:

• Procrastination: This is quite common. Thinking, "I'm healthy, I've got plenty of time". But life's uncertain and unexpected events might not give us a fair warning.
• DIY Approach: Some may take the route of creating a will using an online template. While this seems economical, one small error could have significant implications. We should rely on a legal professional instead.
• Neglecting Regular Updates: A will should be "alive" - it should reflect our present situation. Death of a member, birth of a child - all major events should lead to an update in our will.
• Wrong Choice of Executor: Our best friend, though trustworthy, might not be the best choice. We should choose someone who's impartial, organized and can handle the responsibility.
• Lack of Liquidity: Remember, bills don't stop with our heartbeat. Hence, we must ensure that we keep enough liquidity, so our family doesn't have to worry about finances while they grieve.
• Not discussing plans: While it might be uncomfortable, openly discussing our estate planning can save misunderstandings once we're not there to explain.

The basic crux is that proactive estate planning ensures our hard-earned money is distributed as per our wishes. Our thoughtful planning today can safeguard the relationships of those we cherish.

Don't wait until it's too late...