Estate Planning

The Emotional Toll of Estate Planning

By Hull & Hull LLP

The very thought of planning for one's death can be an emotional and anxious time for clients hoping to create an estate plan. Questions such as "who do I trust enough to be my executor?" and "who will care for my children after I'm gone?" are difficult ones to ask, and often even more difficult to answer.

Despite the emotional aspect of preparing your estate plan, avoiding or postponing consulting a professional to discuss your estate plan is never the best idea. The reality is that someone, eventually, will be forced to deal with these issues. Without your input and involvement in the estate planning process, the final outcome will fail to reflect your wishes and may cause an enormous financial and emotional burden on your loved ones. A recent article published by CNN discusses the ramifications of neglecting your estate plan.

So, how can you deal with the procrastination and take the estate planning plunge? There really is no time like the present, and estate planning is best undertaken when you are healthy (both physically and mentally). I've been in many situations where the family of a testator contacts me to engage in estate planning on behalf of the testator, only to discover that its just "too late" because the client (the testator) lacks the testamentary capacity to provide instructions. The time to plan for your demise is when you are healthy and able to think clearly about your wishes - not when it becomes an emergency situation.

Although the process is an emotional one for many, I'm always pleased to see such an enormous sense of relief when a client finalizes their estate plan. Comments such as "I'm so happy that I've wrapped this up - this has been on my mind for ages" and "I can finally sleep soundly tonight" are not unusual.

So set aside your feelings of anxiety and consult a lawyer to prepare your estate plan - you just may sleep better knowing you haven't left it to chance.

Sarah Hyndman Fitzpatrick

Full post as published by Toronto Estate Law Blog on July 29, 2008 (boomark / email).