Some people who do not have an estate plan may insist that they don’t need one and tell you that they never plan to draft one, but they’re in the minority. Most people who do not have a plan simply haven’t done it yet. They are procrastinating the process, despite knowing that they need to do it. Why is this?
The first reason is simply that they’re busy and they don’t think they have time. It doesn’t feel pressingly urgent, perhaps because of their age. Other things come first and they focus on those things instead.
Another reason that may be related is that estate planning can be complicated. This makes it intimidating. Someone may think about it, decide that they’re going to do it one day, but not know how to begin. They put it off and — since they never learn how to do it — they don’t come back to it.
Finally, the whole topic makes people uncomfortable. They get too caught up in thinking about what it will mean for them if they’re not around — not what it means for their family. Since they don’t want to think about it, it makes it easier for them to use the other excuses about being too busy or not knowing where to start. If they really wanted to do it, they could overcome those issues, but the desire is not there.
Make no mistake: Procrastinating estate planning is a serious risk that you should not take. Make sure you know what options you have and how to begin, no matter how old you are or how wealthy you are.