www.willsandestates.nyc
October 2021
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Estate Planning Guide The Emotional Side of Estate Planning
INSIDE:
BY LINDA NWOKE
T
here are two schools of thought in the field of psychology when it comes to discussing emotions. One of the theories argues that emotion causes behavior. Thus, one's emotional state results in action. On the other hand, another argument posits that conscious emotion results from behavior that serves as a source of feedback mechanism. Irrespective of which theories we choose, we know that emotions affect behavior and vice versa. They are interrelated and form part of human life. Definition of Emotions, Causes, and Consequences Emotions form due to the interplay among various chemical reactions that occur inside the body, which regulates the mind and body. They assist us in coping with life, such as during interactions with others, when seeking direction, and making decisions. In particular, emotions significantly affect how we think, see, focus, reason, learn, and solve problems. Our feelings often influence our focus or object of attention, which inadvertently affects the level of motivation and exhibition of behavior toward the object. In all, emotions help us to survive. Going back to the school of thought, we learn that emotions activate fixed behavior "patterns" such as fight, flight, or avoidance actions. This belief works on the premise that while emotions influence behavior, it depends on the person's past experiences and the present context. For instance, when faced with a potential family feud resulting from a decision, the panic you feel may lead you to respond
Can a Will be Contested?
aggressively. If this strategy worked for you in a similar circumstance in the past; or it may cause you to form alliances with other family members to gather support for your decision. What is Estate Planning? Based on judicial decisions, a person's estate refers to the totality of their assets, without liabilities. So, when an individual, while alive, decides to plan by organizing and distributing their assets in the case of incapacitation or death, it is called estate planning. This concept involves planning the management and allocation of one's estate ahead of any eventuality. Importance of Estate Planning Trusts and Estates are two acknowledged legal means for transferring assets to one's beneficiaries, including heirs. Ideally, every adult who has any form of assets should try to have an estate plan which usually includes a Living Trust. However, while a Trust allows you to
transfer your asset in an ongoing manner before and after death, an Estate only allows a one-time transfer of assets, specifically after death. Trust planning, in particular, helps the family in two ways: one is to help secure a family financially, and the other is for better control and protection of a family's assets. According to an article, a U.S. Bank senior vice president and regional trust manager explain that "Trusts are vital to helping support people throughout their lifetimes and put plans in place for the next generation," says Nancy Hermann. An individual can also decide to draw up a Will that explains their intentions for distributing their estate upon their death. The document must be signed, dated, and notarized or witnessed by two people in compliance with the 'Wills Act.' In some states, parents of minor children use Living Wills to elect guardians for their children in the case of unfortunate circumstances. In contrast, continued on page 2
Life, Death and Compassion
Leaving an Inheritance to Minors
Planning Tips for Newlyweds
