There are many reasons people avoid estate planning. We refer to it as the psychology of estate planning. Whatâs surprising are the reasons behind their hesitance. We typically avoid those things or events that make us uncomfortable. When weâre facing things we donât understand completely, it can be more than slightly intimidating. But the many financial familial dynamics in todayâs contemporary society reiterate why we canât afford to let too much time pass before we act.
Family Shifts
Those days that included two parents who are still married after the kids are raised and raising their own families are long gone. These days, a family is likely to include step parents and second spouses. That always raises a host of questions from our clients.
From a practical stance, the outside factors play huge roles in our lives for all things related to estate and financial planning. Unemployment and the recession still haunt millions of Americans. While lawmakers insist weâre past the worst of the recession, the fact is, few have recovered. Most Americans are still trying to redefine their foundations in a post-recession environment. Foreclosures, while not as rampant today as they were in 2009, are still affecting many families.
Stormy Days
Most of us never witnessed firsthand the devastation following Hurricane Katrinaâs historic landfall in 2005. The psychological repercussions were as devastating to the human soul as the storm was to the Gulf region. As a result, suicide attempts rose 600 percent in the months following landfall. Drug addiction skyrocketed, as well. These two statistics provide an honest â though brutal â reality check in our ever-evolving world. Itâs difficult for many to kick into estate planning mode because of similar problems. Difficult though it is, it only highlights the importance.
A Bit of Legal Guidance
As estate planning attorneys, we know what happens when thereâs no will or retirement planning directives in place at the time of death. When we can meet with our clients and eliminate some of the hesitations, weâre on our way of providing a valuable service that will benefit our clients and their families for many years. From beneficiary designations to setting up trusts to preparing a will, those who take a proactive approach are the ones whose families will benefit most. It only seems overwhelming until weâre able to present clients with those solutions they can put into place right away.
The Psychology of Estate Planning
Even if you already have an estate plan or will in place, do you know how to make adjustments? And what role does divorce really play in Vermont estate planning? Have you considered a healthcare directive? For clients in same sex relationships, they too are trying to understand what the new federal laws mean.
These are all legitimate questions that clients ask us every day. Despite the unpredictability of life in general, there are those legalities that remain consistent regardless of the day to day pitfalls. The good news is there is a host of valuable information â and you can find it all on our website. From our estate planning articles to the many estate planning seminars we host every year, youâre going to find answers to questions you might not had considered. Unsworth LaPlante, PLLC stands ready to meet with you and answer your financial planning and legacy trust questions. Call us today for a consultation.
Life is unpredictable â and thatâs what makes it worth getting up every day. But it doesnât mean we should leave our financial futures in the hands of fate.
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