Why People Procrastinate Making Wills
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1. “I’m too young to write a will.”
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Life is unpredictable; unforeseen health problems and unexpected accidents can happen to anyone at any age. A will ensures that a client's estate and assets are distributed according to his wishes and that young children are left with the intended guardian.
2. “I don’t want to think about dying.”
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As Marvin E. Blum discusses in his recent article, one sure factor that motivates clients to confront mortality is control. An estate plan can help ensure that on incapacity, individuals are cared for as they wish and on death, their assets pass exactly how they intended.
3. The belief that assets will automatically pass to the proper individuals.
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Though most individuals know that the next of kin inherits their estate, there are many other legal complexities involved. For example, a partner (if not legally married) might not be entitled to inherit. Nor are any charities or non-family members (including pets, which are considered property under the law) an individual may have wished to provide for.
4. Drafting a will is expensive.
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Many law firms and attorneys take on pro bono work and provide legal assistance to those who may not be able to afford it.
5. The belief that only wealthy people need wills.
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A will isn’t only intended to pass down large sums of wealth—an estate plan ensures that a person’s property and assets, whether it be the living room couch or life insurance proceeds, go to the desired individuals.
6. Not ready to make important life decisions.
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A will is a “living” document in the sense that it can be amended and updated through various codicils at any time, including in instances of divorce and other relevant life events.
7. Avoid dealing with family issues.
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There’s a reason intestate celebrities often make the news after they pass away: family battles over their estate. Not leaving a will can actually escalate family tension and cause outright disputes as to how the intestate individual’s assets are to be distributed.
8. Reluctant to discuss personal details with an attorney.
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Attorney-client privilege and other ethical guidelines that are required of the profession are in place to protect clients.
9. Unaware of the consequences of not having a will.
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Savvy estate planners know very well the issues that arise when an individual dies without a will, but this isn’t always common knowledge. Educating the public of the ramifications, such as leaving minor children without an assigned guardian, burdening beneficiaries with taxes due to lack of planning and causing fights amongst family members over how to divide the estate is both good marketing and a great way to raise awareness.
