Estate planning is emotional as well as financial

On Behalf of | Dec 28, 2017 | Firm News, trusts

For people in North Carolina, preparing for the future includes an estate plan. Estate planning helps to ease the life of heirs and make a family’s emotional pain after the death of a loved one far less complicated, as the distribution of assets is provided for through the use of instruments such as wills, trusts and insurance. However, estate planning isn’t only a financial issue that can be used to pass down real and personal property. The estate planning process can also be a time to transfer memories, thoughts and values from elders to their surviving loved ones.

The process of drawing up a will and executing trusts can lead people going through estate planning to think about the scope of their lives and the values they hold most dear. Intangible aspects of life, including memories, stories and experiences that were never shared with one’s children, can also be a part of one’s property. Going through the process can inspire people to spend more time with their children and other loved ones.

Passing on life stories and intellectual assets while alive can build family togetherness and a real sense of closeness. Studies have shown that children who know the stories of their family’s past are better able to cope with life, have higher self-esteem and have higher levels of empathy. The psychological effects are also positive for older adults; sharing life stories can reduce depression and renew relationships.

Estate planning is a complex, emotional process as well as a financial and physical one. As one considers the scope of their life, ensuring that the financial aspects of estate planning are cared for can help all parties to move on and focus on emotional ties. A lawyer may be able to help clients draw up an estate plan, execute a will and create trusts and insurance plans to ease the transition after death.