And I’m not talking about anything our President-Elect may have said or done! I’m talking about PROCRASTINATION.
When “death and dying” come up most folks say “turn the channel” or “I’m tuning out”. Admittedly, the subject is not as lively as elections or football or reality shows.
But it is necessary to plan for an orderly estate transfer – whether you are 25 or 75 years of age — and it is a responsibility too important to put off. If the topic stops you cold, you are not alone. Surveys estimate that 70 percent of people do not have wills. One explanation is that the topic of death is an uncomfortable one. But usually it’s that “I’ve Been Meaning To Do That” but can’t get myself off square one.
Some of the reasons that most people procrastinate about wills and estate planning include:
General Avoidance. The process is emotionally challenging. For example, creating a will can be very stressful since it can bring up questions of unresolved family conflicts, loyalty and deciding who gets what and even whom do I love the most.
Other family members can discourage planning. It may be upsetting to others who would also rather avoid confronting them. Many of us dismiss the effort with such comments as “Let’s not discuss this now” or “We can see that Grandma is going to outlive all of us.”
Estate planning requires decisions we would rather not address. And, there may be many details involved. Often, family members feel a loss of control as they allow experts to advise them on planning. We don’t like thinking about our own or a loved one’s demise. The reason usually is that “as long as I do not think about it, it won’t happen”.
BUT– we can’t afford the luxury of procrastination for the sake of our loved ones. I’ve personally seen many occasions where a family or individual waited too long and assets ended up unnecessarily paying estate taxes, leaving widows and children with major lifestyle losses. Or worse.
Estate planning is one of those things we do because we have a spouse, children or other loved ones. Do it for them. Happy Thanksgiving! 713 880 3329.