Towering many feet up in the air, peering over the edge with her toes curled tightly around the rock a diver nervously looks over the edge. She fears the dive, but jumps first, and splashes down in the water. Now, with palms sweating and knees shaking, it’s your turn to step up and take the dive.
Few people eagerly make the time for estate planning. In fact, many people fail to do any advance planning. Did you know several wealthy and famous people have passed away without an estate plan, much less the foundational document, a Will? If you recall Michael Jackson, Aretha Franklin, and Pablo Picasso all have had their estates fall into drawn out legal battles due to no or contradictory wills, and more recently, an amendment of Lisa Marie Presley’s Will is being scrutinized about whether or not it’s valid. These issues only serve to bring heartache—as well as headaches—to their families.
It’s often assumed by outward appearance those with great financial assets would plan out their estate upon their death, but unfortunately, that’s not often the case. Caring.com 2023 Wills & Estate Planning Study found that 63% of those making $80,000 or more a year simply “have not gotten around” to creating an estate plan. It is the highest earning, most educated Americans that are without Wills, and they most likely cite procrastination as their reason for neglecting estate planning. What are some other reasons why people dilly-dally in this area?
Reasons for Delay
One of the commonly cited reasons for delay to our team of daily money managers is the overwhelming feelings. Merely wanting to avoid making hard decisions, deciding who gets what possessions, and then putting it all down on paper elicits a fear response. The excuses abound, running the gamut of small lies we tell ourselves like failing to face their mortality. While others relish in the thought of intentionally doing nothing, thus leaving a huge mess behind for their family to mop up.
For someone who has amassed a great amount of wealth or physical assets, such as a vast real estate portfolio, the art collection, or jewelry collection, will need to think about who will inherit them upon their passing. Who will serve as Health Care Proxy if it should come down to it? Who is the best choice for an executor? These decisions and so many more will need to be made.
If your family is blended, or if a couple has a significant age difference, they’ll need to face unique planning decisions. How will it all be divided amongst half or step siblings?
Other reasons include that it takes time to draft. Does any language conflict? Addendums might need to be made, especially as things within a family naturally change (births/deaths/marriages/divorces), or even hastily changes when it comes to a terminal diagnosis. If that’s the case, are you in your right mind to make last-minute changes?
Don’t Delay
To give yourself and your loved ones much-needed peace of mind, it is best to stop procrastinating and take a leap drafting up your Will. If the family dynamic has changed or relationships have soured, are you willing to follow through on disinheriting someone? If so, now is the time to record that decision.
If you’re younger, don’t take your youth for granted and leave behind a grieving widow or small children without a Will. If you’re a mature adult, it’s best not to waste any time. By drafting a Will no matter your age, it will reduce the family squabbles and make your final wishes known
At Organized Instincts, our seasoned team of daily money managers will help you take steps to finalize your end-of-life financial decisions. Schedule a conversation today to learn how to confidently jump off the cliff’s edge knowing your estate plan is now completed.