Alexandrov, Metzger, & Flannagan

Creating your estate plan is one of the best gifts that you can give to the people you care about the most.

While that is true, the majority of Americans do not have the basic estate planning documents in place. Survey after survey has confirmed this fact.

Putting off your estate plan for another day is a decision. It’s as much a decision as firmly committing to have a proper estate plan in place within the next 1 to 3 months.

Procrastination can be a costly choice. Put another way, “failing to plan is planning to pay”. We have seen estates which have paid seven figure estate tax checks to the U.S. Treasury, families pay hundreds of thousands of dollars in avoidable nursing home costs, and estates that have had to pay substantial legal and probate fees because the decedent had done inadequate estate planning.Let’s explore some of the common excuses for procrastination.

First, people find thinking or talking about death, taxes, incapacity, or who will inherit their money to be depressing. But let’s face it. We are all mortals, and our time on this earth is finite. The end may come sooner than you think.

Second, some people want to educate themselves as much as possible before they begin the estate planning process. Although we think a basic understanding of estate planning topics is helpful, information overload can be a problem. When faced with too much information, the human tendency is to do nothing.

Third, many people know they need to create an estate plan but just can’t make a commitment to get it done now. Unfortunately, your inaction today may create a hardship in the future for the people you care about the most.

Fourth, there is no deadline that requires you to sign your estate planning documents by a certain date. The tax authorities will charge you interest and penalties if you fail to pay your taxes on time. Creating an estate plan is somewhat like exercise. It’s good for you, but no one can force you to do it. No one can force you to go to the dentist either. But the benefit of seeing your dentist twice a year is early detection of a problem. Wouldn’t you prefer to have a small cavity filled over a root canal any day of the week!

Fifth, some people permit themselves to get bogged down on one or two details of their estate plan. If you are ninety percent satisfied with the various aspects of your estate plan, you should proceed with it. It’s infinitely better to have a slightly imperfect plan than no plan at all.

Sixth, some people are skeptical about attorneys. Maybe they or someone they know have had a bad experience with an attorney in the past. But don’t cast all attorneys in the same light. Hiring a competent estate planning attorney is a critical step in the process.

If you want to stop procrastinating, we have a couple of suggestions.

First, make a commitment right now to have an estate plan in place in the next 30 to 90 days. Actually write the deadline in your calendar.

Second, get professional help. We have a three-step process that consistently produces high quality estate plans for our clients.

You will tell us about your family, your values, and your goals. We will explain your options to you, be upfront about our fees, and guide you along every step of the process.

You don’t have to dread the subject of estate planning. On the other hand, you don’t have to enjoy it. You simply have to do it.