The idea of estate planning can evoke different emotions. Planning for incapacitation and death can be challenging. Further, the processes involved in estate planning can strain you emotionally and mentally.
However, you can manage your emotions and create a good estate plan if you know what to expect and respond in proactive ways to the process. The following tips can help you to get ready to dive into estate planning.
Focus on the goal
Even though estate planning can seem like a preparation for the “worst,” there is a big picture – it helps you state your wishes regarding the assets you worked hard to acquire, and it allows you to protect your loved ones. Besides, with an estate plan, you can state the medical decisions to be implemented if you become incapacitated, choose a guardian for your minor kids and so on. Focusing on these end goals can help you manage the emotions of estate planning considerably, as you’ll have the answer to the question “What am I doing this for?” at the front of your mind.
Be honest with your loved ones
One of the emotions you may experience during estate planning is anxiety concerning how your beneficiaries will respond to your wishes. You can curb this issue by having transparent conversations with them. It’s recommended to start these discussions earlier, perhaps as soon as your children are old enough to understand the matter. This way, it can be easier for your family to hold more complex conversations about your wishes over time.
Get professional help
You don’t need to handle the estate planning process alone. You can work with different professionals, including a financial advisor, an attorney, a life insurance agent and an appraiser. They are experienced in estate planning matters in their respective fields. Managing your emotions can be easier when you have sufficient support, as these professionals will handle the complicated processes so that you can direct your energy elsewhere.
Estate planning can be an emotional undertaking. But, by knowing what to expect, focusing on what you’re trying to achieve and seeking support, it can be a truly manageable process.