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"Ignorance is Bliss" - Or Is It?

Introduction

Ignorance is bliss, or so they say. But is it really? As an ignorant person myself, I can confidently say that it is indeed blissful. Let me explain.

First of all, when you don’t know something, you don’t have to worry about it. Take climate change, for example. I have no idea what it is or how it works, but I do know that it’s a hot topic (pun intended). However, since I’m ignorant about it, I don’t have to spend any time worrying about it. I can just sit back and enjoy the sunshine, completely oblivious to the impending doom.

Another advantage of ignorance is that it makes life simpler. When you don’t know something, you don’t have to make any decisions about it. For instance, I have no idea what stocks are or how to invest in them. But that’s okay because I don’t have to worry about whether to invest in Apple or Google or BHP or Amazon. I can just stick with my piggy bank and be content.

Ignorance also makes for great conversation. When you don’t know much about a topic, you can ask all sorts of questions and seem genuinely interested. People love to talk about themselves and their interests, so by being ignorant, you’re actually doing them a favour. Plus, you get to learn something new without having to do any research.

Of course, there are some downsides to ignorance. For example, you might miss out on important news or opportunities. But let’s be real, who wants to read the news when you can binge-watch Netflix instead? And as for opportunities, if they’re meant to be, they’ll come to you regardless of your ignorance.

In conclusion, ignorance is indeed bliss. It’s a carefree, simple, and entertaining way to live. So go ahead and embrace your ignorance. Who knows, you might just enjoy it. Or not, because you’re ignorant and you don’t know any better. > > > >

HOWEVER….

This “Ignorance is Bliss” attitude is a fallacy when it comes to the transfer of family wealth to the next generation, that is, estate planning/succession planning. For instance – when there are:

Complex Family Dynamics

One of the main arguments against the “Ignorance is Bliss” statement is that it does not account for complex family dynamics. For example, an individual with a blended family may need to engage in estate planning to ensure that their assets are distributed fairly among all family members. Not knowing about estate planning may lead to unintended consequences, such as leaving out certain family members or causing disputes among family members.

Large Estates

Another argument against the “Ignorance is Bliss ” statement is that it does not account for large estates. Individuals with significant assets may need to engage in estate planning to minimise tax liabilities and ensure that their assets are distributed according to their wishes. Not knowing about estate planning may lead to significant tax consequences or unintended distribution of assets.

Unforeseen Circumstances

A final argument against the “Ignorance is Bliss ” statement is that it does not account for unforeseen circumstances. To illustrate this, an individual may become incapacitated or pass away unexpectedly, leaving their assets in limbo. Engaging in estate planning can provide peace of mind and ensure that the individual’s wishes are carried out in the event of incapacitation or death. Not knowing about estate planning may lead to unintended consequences or disputes among family members.

Conclusion

In conclusion, while the phrase “ignorance is bliss” may be applicable in certain situations, it is not always true when it comes to estate planning and succession planning. For individuals with uncomplicated estates, trustworthy family members, or who are young, ignorance may indeed be bliss. However, for those with complex family dynamics, large estates, or who may face unforeseen circumstances, engaging in estate planning is essential to ensure that their assets are distributed according to their wishes. Therefore, it is important to consult with an experienced estate planning professional to determine the best approach for your individual needs.

Family Business Advisory Blog article with caption Ignorance is Bliss - Or Is It?

How FBA Can Help You With Your Estate Planning

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business.

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

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Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group.

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