Secret Destroyers of Retirement: Will You Make These 20 Mistakes?

15. Not Writing A Will

Some individuals harbor the belief that their lifespan will stretch indefinitely, leading them to delay drafting their will. While optimism is commendable, it’s crucial to acknowledge the unpredictability of life; unforeseen events can transpire at any given moment. Tragic fatalities occur in vehicular accidents daily, irrespective of age. The uncertainty underscores the necessity of preparedness. Without a will, the fate of all your possessions is subject to probate, relinquishing decision-making power to the state.

In probate, a designated representative is appointed to allocate your assets, a process that may not align with your intentions. This hardly constitutes an ideal arrangement if you have specific desires regarding the distribution of your belongings. Ensuring the drafting of your last will well in advance of any eventuality is imperative. Remember, it’s a dynamic document – subject to adjustments should your preferences evolve. However, prioritizing the certainty that your assets will be apportioned according to your wishes posthumously is paramount.