Death is a touchy subject for almost everyone. In order to think about writing your will, you have to think about death. This is one reason why so many people put off writing a will; there tends to be an emotional block around the subject of death.
Of course there is more to it than just fear of death—there are fears about the future of your family, too. If you find that you cannot think of death because you are afraid of what your family will do without your income, or you are having difficulty deciding who will run your family business, you may be having trouble putting together an estate plan.
Before you can think about writing a will, it is necessary to accept your own mortality. In some cases, even when someone is at the point of writing a will, they will go to great lengths to avoid using the word death when discussing their will.
Aside from death, another common fear is that of losing control. Some estate plans require the transfer of assets to the children for the purpose of reducing taxes, and many people fear that their children will drain these assets. With a well-structured estate plan, you can retain control of all your assets until your death.
Another emotional block to estate planning is that people tend to avoid the need to make difficult decisions concerning their family. Any number of situations will influence your estate plan, such as having a handicapped child, having a grandchild that may be divorcing soon, or the possibility that your spouse may remarry after you die. All of these potential situations will have to be addressed with your estate plan.
No matter how afraid you are of death and its consequences, it does happen to everyone sooner or later. The important thing to remember is that you will be leaving behind loved ones, and it is for them that you must face these fears now. Without an estate plan and a will, your death can wreak havoc on your family during an already difficult time. Protecting your family can be your motivation to overcome your emotional blocks, write a will and put together an estate plan. An experienced lawyer can make this process much easier for you.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.