Why People Delay in Crafting an Estate Plan
Almost everybody knows that having a comprehensive estate plan in place is a necessity in our modern world. Nevertheless, many people delay crafting such an estate plan because of mental impediments that they strive to justify, or deny exists.
Some of these procrastinators avoid drafting an estate plan because they just do not like making decisions, especially when the options from which to choose are often unappealing. After all, no one enjoys sitting down to decide who will raise their children should they die simultaneously, or deciding who will get that family heirloom, or figuring out how to divvy up your financial assets among your potential survivors.
Other procrastinators avoid it because the topic is just too overwhelming. Making an inventory of all of your assets is a time consuming process, and the more assets you have the longer it will take. For some people, simply thinking about this task can send them into a panic. Still, the task is a necessary one, and even though you’re undertaking all of these phone calls, sorting through financial statements, etc., there’s still that ever-present voice in the back of your mind reminding you that everything you’re doing revolves around your death.
Still others procrastinate because they just feel that it’s not the right time. They say that they’ll get to it later because they’re too busy working now. But if someone is really that concerned with working, wouldn’t they want to ensure that everything they worked is appropriately passed on to succeeding generations?
If you’re one of these people, stop delaying and start planning.