Estate Planning Vault

Emotional Aspects of Estate Planning

While most people grasp the idea that having an estate plan will make settling their estate easier for their heirs once they’re gone, a notable percentage of the population still doesn’t have one. The probable cause is the emotional aspect of developing a plan.

According to Eileen Gallo, psychotherapist and co-chair of the American Bar Association’s Committee on Psychological and Emotional Issues of Estate Planning, “ . . . just about every aspect of estate planning invites anxiety.” Some of the most stressful events of a person’s life (such as the death of a loved one, retirement, a change in finances, moving, etc.) are examined during the estate planning process. Additionally, the process may prompt introspective questions such as, “What have I done with my life?”

Frequently, the death of a loved one or close friend is the catalyst that finally makes someone take action. The payoff for having gone through the emotional turmoil can be sweet though. In the words of Jon Gallo, attorney and co-chair with his wife, Eileen, “[You] have fulfilled part of [your] obligation as a parent or as a spouse to deal with these issues so [you] don’t just leave a total mess for [your] kids.”

Source: The Sacramento Bee, 11-5-06