A palliative care doctor in Japan, Dr Otsu Shuichi, has confirmed that failing to handle and plan one’s estate is one of the greatest of life’s regrets.
As a palliative care doctor, Dr Shuichi helps to reduce the severity of symptoms suffered by terminally ill patients and give them support. He has helped more than 1,000 patients at the end of their life’s journey.
As his patients confided in him, very often they would bring up their regrets in life, the things they wished they had done differently.
What people regret most at the end of their lives
In his book, ‘25 Regrets of the Life’, Dr Shuichi discusses what he has learnt over the course of his work with the terminally ill.
Interestingly, one of the regrets is the failure to handle one’s estate in a proper manner.
Though the sample may be of terminally ill patients in Japan, the results of this informal survey can be generalised to include people elsewhere, since most people work hard all their lives to acquire assets and wealth.
It can be safely assumed that the main reason people regret not planning their estate before their death is because handing it down involves the life and well-being of the loved ones they left behind.
The extent of planning for an estate affects the welfare and quality of the future life of an individual’s dependents. Put it another way, a lack of planning will exacerbate the financial suffering of the dependents.
Since it is acknowledged that planning for your estate is one of the most important areas in personal planning, why is it that so many people (based on the book’s published results) regret their failure to plan?
It is most likely because they see it as important but not urgent, or leave it until it is too late.
Other regrets
The other regrets listed in Dr Shuichi’s book are interesting. Many people feel they did not take good enough care of their health, did not quit smoking or did not comprehend the meaning of their treatment.
Some regrets are social or personal, that they did not plan their own funeral, did not manage to go back to visit their hometown or birthplace or did not take up a hobby.
Some people were saddened because they did not travel to the places they wanted to see, did not get married or have a child and did not leave their mark on the world.
Many people regret not fulfilling their dreams or not accomplishing what they had set out to do.
Some people believe that they have committed sins or that their life has been dominated by negative emotions, that they did not care for loved ones and they were too stubborn and did not listen to others.
Conclusion
There are some things in life that cannot be planned with precision – like falling in-love and having children. Or for that matter, winning the lottery or even losing your job due to a weak economy or a pandemic like the current one the world is experiencing.
But for things that can be planned, like the fate of your estate, it is best to give it some serious thought and not leave it to the last minute when it may be too late.
Lee Khee Chuan is a Securities Commission and Bank Negara-licensed financial advisor/representative who has been practising estate planning for over 17 years. He also researches and writes extensively about the subject besides lecture courses for the Certified Financial Planner certification programme.
For more information, visit www.estateplanningmalaysia.com