Overcoming Barriers to Planning Your Estate
Even though we know that we need a Will to document our wishes and protect our loved ones after we’re gone, many of us delay creating one. Some may perceive the task as complicated, challenging and time consuming, which can lead to the belief that one can put off their estate plan. Understanding the psychological factors behind why many procrastinate in creating estate plans can help find the motivation to begin the process. Let’s explore why some of us avoid creating a Will and how to overcome these obstacles.
Why you may be delaying making an estate plan
People tend to stick with their current situation unless a significant event prompts them to change, causing a delay in creating a Will. This is known as the status quo bias, which leads to procrastination.
Similarly, what is known as a present bias leads people to focus on immediate satisfaction over long-term benefits. Since this type of planning can seem distant, it often doesn’t become a priority.
Why you may be having trouble starting your estate plan
People find it difficult to spend time and money on a Will, especially when the benefits are not immediately tangible. This avoidance can be caused by the complexity of the process and lack of a clear starting point. People can be overwhelmed by the idea of estate planning, not knowing where to begin or whom to consult.
Tips to get started
To combat these challenges, try starting with two attainable actions:
Create a list of assets
Reach out to trusted professionals such as a lawyer and trust company for guidance
By addressing the task in a step-by-step manner and acknowledging potential costs, you can make the process less intimidating and more achievable.
Major life events, such as marriage, birth of a child or dealing with a family member’s death can be powerful motivators to creating your Will and other estate planning documents. Recognizing these triggers and acting on them can help ensure that estate planning remains a priority.
Addressing your estate planning proactively can avoid leaving a legacy of chaos and provide clarity and support for those you love most. The process, while initially daunting, becomes much more manageable when approached with the right mindset.
For more on this topic, listen to the “Why making a Will is choosing caring over chaos” episode of the Matter’s Beyond Wealth podcast.
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