One of the biggest mistakes that you can make with your estate planning is just putting it off. If you procrastinate for too long, there's a chance that you could pass away before you get around to it. This can create all sorts of problems for your heirs and may lead to some serious estate disputes.
To better understand why this happens, even though everyone knows they will need an estate plan someday, let's take a closer look at why people opt to procrastinate.
We don't take it seriously
Some experts note that Americans do not take procrastination seriously, even though it's not trivial. It causes serious problems, but we sort of shrug it off.
Think of all of the times in high school or college that you laughed with your friends about cramming for a test the night before or not having written a paper even though it was due the following day. Many people do it, and it creates habits that carry over into their adult life. These habits impact the way that they work and the way they do their estate planning.
Over time, we learn that it often works. You get the paper done at the last minute. You pass the test. What people often fail to realize is that the stakes are far higher with estate planning and there is no second chance.
We lie to ourselves
Procrastination naturally involves some level of self-deception. For instance, have you ever told yourself that you really do your best work when the pressure is on? It's an excuse to put off writing that paper or doing that project until the last minute.
With estate planning, the lie is often that you have plenty of time to do it. You may. But there's no way to know for certain. Telling yourself that you have 20 years sounds comforting and allows you to save it for another day, but you simply have no idea how long you actually have. No one does.
We give in to fear
Many people fear failure or rejection, and so they put off things that they want to do. Fear can play a role in estate planning, as well. It is an acknowledgment of an eventual end of life. Rather than focusing on the positive things they can do for their family, people get derailed by their fear of the unknown. They procrastinate so that they don't have to think about it.
Do not procrastinate any longer. Do not put off your estate planning in Florida. Make sure you know what steps to take to get started on your plan.