Statistically, only about 50%, or fewer, of adult Americans have a will. There are many reasons the other 50% don’t. Those reasons range from knowing they SHOULD have one but can’t find the time to do it to those who think they don’t need one. Today, I want to talk to those who know you should have one but haven’t gotten around to it yet. And in particular, those of you who feel very guilty about it. Maybe you have young children and haven’t identified a legal guardian if something happens to you. Or you have adult children who don’t get along, and you know, for a fact, when you die, there will be disputes among them regarding who gets what assets. Or you have a beloved pet; what will happen to it when you die? Will it end up in a shelter, or worse? It’s best not to think about it – right? Wrong.
Let’s look at how your guilt might be hampering you from doing what you know, for a fact, is the right thing to do.
Guilt about something can work two ways. It can motivate you or cause you to procrastinate. Why procrastinate taking action when you know in your heart it is the right thing to do?
- Fear of failure – This can be a real stopper for some. They might feel that no matter what they do to create a fair and equitable plan that makes sense, a loved one may take exception and find fault with the plan. Not wanting to face that, action is delayed.
- Perfectionism – Individuals who are perfectionists might decide they can’t meet their own high standards when it comes to developing the “perfect” estate plan. So why try?
- Lack of motivation – One would think that protecting your hard-earned assets and loved ones is motivation enough, but when an individual is burdened by guilt about a task – in this case, creating a will and estate plan – the guilt becomes the overriding emotion—attaching a sense of dread and negativity to what should be a positive and loving act.
- Avoidance coping – In my opinion, this is very much like denial. Just don’t think about it. Decide to think about it “tomorrow”. Decide to take action “someday”.
Of course, none of us know what “tomorrow” will bring. Many say they don’t have time to get a will and estate plan together. Others say it is the cost; they just don’t have the funds right now. There is some validity to these reasons, though I would advise them that it takes less time than they think. And the cost of having a plan can be considerably less than the cost, in time, money, and stress, of not having one for their heirs. But deep down, how many are allowing their guilt about NOT having an estate plan to keep them from taking steps to create one? I don’t know. Please know, I would be honored if you would allow me to help you with your will and estate plan. Why not call me to talk about it? You can reach me at 513-399-7526. Or start by visiting my website, www.davidlefton.com.