It’s true that a lot of people procrastinate estate planning. Take, for example, the fact that most Americans don’t have an estate plan. All Americans know that they eventually will need to make end-of-life medical decisions or pass their assets on to someone else, but they don’t have the plan yet.
But why is it that people would procrastinate over this? They also know that they can’t predict when their family will need the estate plan. Why take the risk and put it off? A few common reasons are noted below.
It seems daunting and confusing
In some cases, people have tried to begin planning, but they just didn’t know how to start. They weren’t sure who to talk to or what legal documents they needed. Everything felt so confusing that they decided to figure it out later simply, so they didn’t have to deal with it.
They think they have more time
As you probably guessed, one of the main reasons is simply that people believe they have a lot of time left and they can make an estate plan in the future. Someone who is 50 years old may say that they’ll make their plan in their 70s, for example, simply because life expectancy is around 78.
It makes them uncomfortable
In some cases, the very idea of planning for death makes people feel uncomfortable. They try to avoid this feeling and so they don’t make a plan. This is understandable, but it can also be a major mistake for the family.
If you have been putting off your plan and now you’d like to get started on it, take the time to carefully consider the legal steps that are necessary.