Common Reasons People Procrastinate About Estate Planning

 Posted on January 04, 2019 in Estate Planning

When you stop and think about it, you probably realize that it would be a good idea to have an estate plan—or at least a will—in place. We all understand, at least at a basic level, that it is better for us to decide what will happen to our assets after our death than to let the state decide for us. Put simply, we know that we cannot take our assets with us when we die, so there should be a plan for how they will be handled.

Despite knowing all of this, more than half of American adults still do not have created even a will, let alone other estate planning instruments. Experts have conducted surveys and studies to determine why this is the case, as people may put off estate planning for a wide variety of reasons. Let’s take a look at some of the common ones:

Facing the Reality of Death

Advances in Western medicine and knowledge about nutrition and related concerns have pushed the average life expectancy upward in America over the last few decades. (In the interests of accuracy, it bears pointing out that the average life expectancy has dipped slightly in recent years, but we are still living longer than we did a century ago.) The obsession with longevity and quality of life makes many people hesitant to truly accept the reality that everyone will eventually die. The refusal to confront one’s own mortality can result in avoidance of any topics related to death, including estate planning.

Estate Planning is Confusing and Complex

Even those who understand the reality of death often struggle to get started with estate planning. It can be tough to know where to begin or to realize what should be included in the plan. Sure, you might understand the purpose of a will, but what in the world is a living will? Or, a generation-skipping trust? The laws the govern estate planning are complicated, and even just making an initial appointment with an estate planning lawyer might be scary. However, you are likely to find that the process is not as overwhelming as it seems at first, especially with proper guidance.

Other Things Are More Important

Take a look at your calendar for the next week or so. It is probably already full of tasks, appointments, and other obligations. You might recognize that estate planning is important but so is getting dinner on the table tonight and picking the kids up from soccer tomorrow morning. Anyway, you are not sick or anything, so estate planning gets put on the back burner. But, what if you get into an accident on the way home from picking up the kids tomorrow? What if your spouse was diagnosed with terminal cancer? Suddenly, your estate plan—or lack thereof will matter a great deal—but it might be too late to do anything about it.

Start by Calling a Lombard Estate Planning Lawyer

If you are ready to be done with your reasons for putting off estate planning, an experienced DuPage County estate planning attorney can help you get started. Call 630-426-0196 for a confidential consultation today. We understand that the process can be challenging, and we will do everything we can to make things as simple as possible for you.

Sources:

https://www.huffpost.com/entry/why-we-avoid-estate-plann_b_6763860

https://www.forbes.com/sites/catherineschnaubelt/2018/09/13/6-reasons-why-you-need-an-estate-plan/