Drafting an estate plan can be emotional, as you have to face the reality of mortality or the possibility of incapacitation. Some people also get emotional when they believe they don’t have enough assets to pass on to their loved ones, and others are overwhelmed by the complexity of estate planning.
Emotional-related reasons make many people postpone estate planning – they are not ready to deal with the emotions involved.
So, how can you manage your emotions to protect your legacy?
Understand the benefits of estate planning
Having an estate plan offers substantial benefits. You get to:
- Distribute your assets according to your wishes
- Choose a guardian for your minor child
- Pick an agent to make healthcare decisions on your behalf when you are unable to
- Donate to your favorite charities
- Name someone to administer your estate
Focusing on these benefits can help you view your estate plan as more than just preparing for incapacitation or death. It gives you the ability to protect your family’s future. This point of view can make the process less emotional.
Know that you can change things
If you are worried about not having enough assets to distribute, know that you can always change things. You can update your estate plan when you acquire more assets.
Besides, preparing your loved ones for any amount of inheritance and educating them about finances can help them benefit more from their inheritance.
Have open conversations with your loved ones
Openly discussing estate planning with your loved ones can make the process more manageable. With time, you might be more comfortable discussing assets and incapacitation, and, in turn, it may be easier for you to make crucial decisions.
You may go through different emotions when estate planning, which can affect how you make decisions. The above-discussed tips and legal guidelines can smoothen your process.