Why is Estate Planning in the Way of your Happiness?
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The pursuit of happiness can be defined differently by different people. However, in most cases, people will refer to the concept of free time when describing what would make them happier than they are. [Related topic: New York Will Contests]
You’ll often hear how someone wants more time to rest, more time to exercise, more time to pursue an artistic passion, more time to travel or even more time to sleep. Then, if you ask them what’s getting in their way, they’ll mention a long list of obligations that are more often than not work-related.
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And the thing is that in order to afford travel, artistic endeavours, downtime for relaxing and exercising we need money, and in order to obtain money we need to trade our time. Furthermore, there are even more basic things that require money, like housing, food, water and healthcare, which means that you have to work not only so you can afford to have free time but also to cover the most basic needs.
So you start generating money, and you manage to afford a house, healthcare, food, water, travel, downtime, vehicles and many other possessions that can be for momentary consumption or assets.
When you have assets, you must administrate them, and this asset management includes estate planning. Now you don’t have to worry about obtaining money to make time to pursue your passions. Now you have to worry about making money to buy time to manage your assets which doesn’t leave you time to pursue your passions.
That’s why estate planning is so important. Because it can easily get in the way of your happiness. Your estate is your legacy and wealth management is shifting away from investing and continually growing your assets to a “goals-oriented” investing approach but figuring out how to best manage your assets in order to help achieve those goals and free time so you can pursue your happiness is key.
Most estate planning lawyers still focus on the transfer of your property on death, the protection of your property from third-party claims and lawsuits, and the avoidance of taxes, this approach fails to integrate your pursuit of happiness into your estate plan by focusing only on your death.
Finding an estate planning lawyer that can help you in your pursuit of happiness through legal strategies that will avoid the disappearance of your wealth and the rupture of your family is crucial when it comes to preventing your estate planning from becoming an obstacle to your pursuit of happiness.
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