Receiving an inheritance can come with conflicting emotions: you might be in mourning after losing your loved one, feeling overwhelmed from your sudden windfall of wealth, or worried that you might spend the money too fast or put it in the wrong places.
As we’ve covered in a previous blog post, creating an estate plan to address the inevitable can be an emotionally exhausting process for any family. To make things even more challenging, estate planning mainly focuses on the legal disposition of assets and is often only part of a larger legacy plan that can include much more.
This is the second blog post of a two-part series on “Planning for the Inevitable.” Part 1 can be found here.
The loss of a loved one is emotionally devastating on many levels. The best defense against uncertainty and stress is to lean on existing family and social and professional relationships for support.
Preparing for one’s own eventual demise or the loss of a loved one can be emotionally exhausting. If starting the conversation seems difficult, you’re not alone. According to the Kaiser Family Foundation (2017) and The Conversation Project National Survey (2018):