Estate Planning sounds complicated. There is a multitude of difficult decisions to make, and it can be hard not to let our emotions interfere with that decision-making process. At Trust Point, we understand this better than anyone. That’s why we’ll walk you through the estate planning process at your own pace, to help you make the best decision for you and your family’s future. No pressure, no stress.
Below is a list of some possible estate planning emotional blocks that may occur to you. Rest assured that if you work with Trust Point, we’ll help you get through these blocks to create a concrete and thorough estate plan. Contact us today to get started.
Trouble Addressing That “Something May Happen to You”
Yes, everyone eventually passes away. However, that doesn’t make accepting that fact any easier. It’s not something you need to think about while making your estate plan though. Instead, think about how creating a timely and thorough plan will help your family continue to live a long and fruitful life.
Yes, the thought of no longer being alive is tough to come to terms with; it is the reality. If something were to happen to you, would you rather leave your family lost in terms of dealing with your estate or would you rather make sure they are well taken care of with a clear outline of what needs to do with your assets, possessions, and money? At Trust Point, we’ll make sure your family will be secure for a long time after you’re gone.
If your estate planning is during a time in which your kids are not legally adults, choosing guardians for them is a difficult decision and one you shouldn’t take lightly. You want your kids to have the best life they can, and choosing someone to potentially help raise them requires some time and careful consideration.
When it comes to deciding this part of your plan, go with someone you trust, but also someone who is able to take on the guardianship, both physically and fiscally.
Trouble Determining “Who Gets What”
Throughout the estate planning process, you make difficult decisions, especially when it comes to how to divvy up your assets. Family can be complicated sometimes too, but planning ahead can manage beneficiary expectations and help prevent a family feud. Whether it’s an estranged brother, sister, son, or daughter who you still care about deeply, but isn’t a part of your life anymore or an ex-wife or husband who you are still close with and helps take care of your kids, how should they be treated when it comes to your estate planning? Should they be treated equally as closer family members or current spouses?
Again, these are tough decisions, and at Trust Point, our team is patient, caring, and understanding. We want you to make sure that you are confident in your plan and we’ll work with you until you are.
Afraid of How Much it Will Cost You
Some people have a difficult time justifying paying for estate planning services. However, with any other financial advisory situation, the cost is always worth it in the long run. Think of it this way; it’s worth it to pay for these services now and create an estate plan that doesn’t have any holes rather than leaving behind one that leaves more questions than answers to your family. You are investing in the future of your loved ones, which is hard to put a price on.
Giving Up Control
Estate planning can also be difficult for some because of the fear of giving up control. They know that giving up assets can help reduce estate taxes but are worried that their kids or grandkids will misuse their newfound assets. However, it’s important to keep in mind that there are ways to permit transfers of assets while still retaining significant control.
You can also sit down with those who will gain control of certain parts of your estate and tell them what you’d like them to do with it. It’s important to be transparent in this regard.
Why You Should Start Your Estate Planning Today
As you can see, there are plenty of reasons why you might come to an emotional block during estate planning. Because of this, it is all the more important to start planning early. It will take time to check every box and to cross every ‘t’ while still dotting all the ‘i’s. In the event of unexpected incapacitation or death, it’s important you are prepared.