Estate planning has an emotional side. Facing mortality and the possibility of becoming incapacitated and discussing inheritance with your family can be challenging. Additionally, it can be emotional to give up control of your assets. Estate planning can also highlight family disputes, which can make it difficult.
So, how can you navigate these emotions to protect your family’s future? Here is how:
Start early
The emotions involved in estate planning contribute to some people postponing estate planning. However, this can be unwise. Starting early can help you manage the emotions that come with estate planning.
For example, it can be more manageable to discuss asset distribution if you have always held such conversations with your family since your children were young. Further, drafting an estate plan with a few assets and updating it as you acquire more can be easier than dealing with assets worth thousands of dollars at once.
Approach estate planning topics with care
It’s important to handle estate planning topics with care. While you need to have open and honest discussions, it’s vital to be considerate. For example, it’s important to consider that your family may not have come to terms with the idea of you becoming incapacitated, as you may have. So, when discussing such a topic, you need to create a space where they can ask questions. Let them know their concerns are valid.
Get help from a third party
Involving a neutral party can be necessary when estate planning. This party can facilitate sensitive discussions, especially if you believe disputes are likely to arise. Working with professionals, such as a financial advisor, a tax professional, an insurance agent and an attorney, can also ease your experience.
The emotional side of estate planning requires starting early, having transparent and respectful conversations and getting guidance. Learn more to know how to protect your legacy without being delayed by complex emotions.
