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While life can be unpredictable, there are steps we can all take to make sure many key problems are not inevitable.

The problem we all face is when we don’t understand something or its relevance to our lives, it’s easier not to think about it.

Sometimes just not knowing where to start or where to go for advice can freeze many people into inaction.

Once you turn 18 years of age, you're your own responsibility under the eyes of the law. When it comes to your backup plan, you can let the government have a plan for you (and you may not like it) or you can choose to be in control of your own destiny.

Once you're 18, you're your own responsibility under the eyes of the law. You can let the government have a plan for you (and you may not like it) or you can choose to be in control of your own destiny. Putting your Plan B together is a key step to becoming life confident.

The 3 biggest mistakes people make thinking about a backup plan

  1. Thinking you're too young to need one,
  2. Thinking you have nothing of value to leave anyone,
  3. Thinking you will never get sick to the point where someone else will need to make decisions for you.

The crazy thinking is made crazier when people make the excuse for doing nothing by saying, 'I'm not planning on dying for a long time so estate planning isn't relevant for me...'

Nobody plans on dying.

You do have choices in your life, but you have to make them first.

The 15 most common symptoms your estate plan isn't sorted

Here are the 15 most common symptoms that indicate a family is dangerously unprepared for the inevitable.

1 Thinking you're 'too young for estate planning' or you have nothing of value to leave

Ask yourself these questions;

  • What happens if you're the beneficiary in someone else’s will?
  • What happens if you're injured in a motor vehicle accident and later receive an insurance payout? Without a Power of Attorney, if you can’t make decisions, what happens to the money, who will make the decisions for you? (and what if you don’t like their plans for you?)
  • What happens if you pass away in a car accident and your estate later receives an insurance payout because of the motor vehicle accident?
  • Without a Will, who gets the money? (probably a former boyfriend or girlfriend.)

Without a written estate plan, you have no control over what happens to you.

Modern Estate Planning is about your Plan B for you, your family and those who depend on you.

The best way to predict your future is to plan for it and document it.

author pic drew browneDrew Browne is a specialty Financial Risk Advisor working with Small Business Owners & their Families, Dual Income Professional Couples, and diverse families. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His business Sapience Financial Group is committed to using business solutions for good in the community. In 2015 he was certified as a B Corp., and in 2017 was recognised in the inaugural Australian National Businesses of Tomorrow Awards. Today he advises Small Business Owners and their families, on how to protect themselves, from their businesses.  He writes for successful Small Business Owners and Industry publications. You can read his Modern Small Business Leadership Blog here. You can connect with him on LinkedIn Any information provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.

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