Many people experience different emotions when drafting an estate plan. It’s not easy preparing for incapacitation or death. Nonetheless, you can manage your feelings and, in turn, smoothen your experience.
Here is how you can do this:
Accept your emotions
Estate planning can be challenging. Thus, do not beat yourself up when going through an emotional rollercoaster.
Instead, accept your emotions and acknowledge they are standard for anyone creating an estate plan. Approaching the process with this perspective can help you handle sensitive conversations and make critical decisions without difficulties.
Start planning early
If possible, start estate planning earlier. For example, you can initiate discussions about money with your kids when they are younger. Consequently, they can grow knowing your financial values, which will be reflected in your estate planning decisions.
Further, when they are old enough, you can connect them with professionals to help them understand financial management, the family business, real estate, taxes and so on. This way, you can be certain they will be ready for their inheritance or to keep the family legacy alive.
When you start later in life, you may rush the process of discussing crucial matters with your children and other interested parties. And this can make you and them significantly emotional.
Have open conversations
It’s crucial to have open and honest discussions with your loved ones. Let them understand your estate planning decisions to reduce the chances of misunderstandings. If disputes arise, consider getting help from a professional or, better yet, always have a neutral third party in your discussions, especially if your estate plan is likely to create disputes.
Estate planning can result in different emotions that can negatively impact its outcome. You should be adequately informed on how to manage such emotions to protect your wishes.