Whether you are struggling with challenges related to mental health or one of your close family members has a mental health problem, there are a variety of ways in which these concerns can affect your estate plan. According to USA.Gov, an effective estate plan helps get rid of uncertainty with respect to the division of one’s assets after they die and other crucial matters, such as child guardianship. It is very important to reflect on the different challenges that come with mental health and estate planning.
Fortunately, many people who are working through mental health hardships are able to protect their estate and ensure that their assets are correctly split up among those they love after their death.
Estate planning when you have a mental illness
If you are having a hard time due to significant depression or you have an anxiety disorder, dementia or some other hardship related to your mental health, there are a number of factors you need to take into consideration. For example, you should understand the benefits of estate planning, such as mental relief, and make sure you set aside the time and energy to handle your estate plan properly. Some people with mental challenges have an especially hard time working through the estate planning process and extra attention to various issues is necessary.
Estate planning can help loved ones who are struggling with mental health
From a spouse who develops dementia to a beneficiary with a serious mental health problem, there are different factors people need to consider when it comes to their estate plan and their loved ones’ mental health. For example, if your executor becomes mentally ill, it is sometimes a good idea to change the executor and this can help take pressure off of your loved one. Moreover, you can tailor your estate plan to meet the unique needs of your beneficiaries, such as those who have a mental health problem.