Estate planning is often viewed as a complicated process. Even though its procedures significantly contribute to this concern, the emotions of planning for incapacitation or death are what make it challenging for many people.
Here is what to know about the emotional aspects of estate planning before you begin.
A fear of mortality
Facing mortality head-on is not easy. This emotional element is one of the leading reasons people postpone estate planning until later years.
Family tensions
Family pressure is experienced by some people when estate planning. It can be challenging to distribute an heirloom that more than one person wishes to inherit or determine the most suitable beneficiary to inherit the family business.
What can you do?
You can navigate the emotions of estate planning. Firstly, it’s vital to acknowledge its emotional side. Accept you may be scared of death or being incapacitated.
Then, focus on the benefits of estate planning. Drafting an estate plan allows you to distribute your assets according to your chosen criteria, choose who will raise your minor child if anything happens to you, state the medical treatments that should be administered and those to be avoided, choose someone who will make medical decisions on your behalf and so on. If anything, you are not giving up control – you get to protect your loved ones and legacy in the ways you prefer by making these efforts.
Further, effective communication can help you handle family tensions. Consider having open discussions about estate planning with your loved ones, possibly from an early age, to avoid misunderstandings.
Estate planning can be an emotional process, but it’s manageable. When you are adequately informed, you can approach it like a pro.
