Emotional Issues That Prevent Estate Planning
Many people have a difficult time planning their estate. There are many issues that must be faced to prepare a will or a trust; and for some, these issues can become emotional hurdles. You need to acknowledge these emotions and accept that this is just part of the process. Facing mortality— Death is not something anyone wants to talk about, but it is inevitable. Some are so superstitious they feel that even saying the word death might cause it to happen. There really isn’t a solution to your fears, but you can at least be reassured that by developing a plan, you will be taking care of your loved ones. Not being in control — Many think of estate planning as relinquishing control of their assets, when it is actually quite the opposite. Developing a will or a trust will ensure that your assets will be handled exactly the way you want. There are approaches to developing an estate plan in which you can maintain control while protecting your assets. Family decisions — Depending on your family’s situation, there are many decisions to be made that can cause family friction. Who should be the executor? What should you leave each family member? Who is best suited to take over the family business? Does one child need more financial help than others? Should all your children be treated equally? These are difficult issues, but keep in mind if you don’t make them, you could leave your family with a mess to deal with and the potential that your family could be torn apart by arguing over your estate. Costs — Costs to develop an estate plan will vary depending on your family’s situation. Think of your estate plan as a gift to your family and peace of mind for you that your final wishes will be carried out. Make sure you have a full understanding of the costs before proceeding with the development of the plan.
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This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.