No one wants to spend too much time mulling over their eventual demise – there are certainly more pleasant ways to spend contemplative moments. But unless someone stumbles on a magic elixir to prolong life, people have to face up to the fact that as members of the human race, they are mortal. So they need to put contingency plans in place in the hope that their assets are protected for their loved ones in the event of their death.
Will Rogers, an American actor, philosopher and author was quoted as saying: “Anyone who dies without a will ought to come back and see how much trouble he has caused”.
Financial planning is not just about managing your money it is also about making provision for your heirs in the event of your death. If you have no dependants and no assets to speak of, then planning your estate will not be necessary, as a simple will is going to suffice. Buy if you have built up assets or intend to build up assets you have to consider the discipline of estate planning.