Procrastination is part of human nature. People put off activities that seem unpleasant or demanding. In some cases, individuals do themselves and their loved ones a real disservice by procrastinating on key issues.
For example, many people with valuable property or dependent family members delay estate planning. They know they should draft a will, but they find reasons to put the process off indefinitely. According to recent consumer surveys, less than one in three adults actually have wills to protect their loved ones when they die.
Many others may intend to draft wills but continue to procrastinate. They may want to wait until their family stops growing or their finances stabilize before they create a will. There are several risks that make procrastination related to estate planning particularly dangerous.
The possibility of illness or accidental death
Those who are young and relatively healthy may take their longevity for granted. They look at the average lifespan of an adult with similar personal characteristics and assume that they have decades of life ahead of them.
Unfortunately, life expectancies are not a guarantee but just an average based on other people’s lives. Many people die well before their average life expectancy based on their age, race and other characteristics.
No one knows when a car crash, work accident or sudden illness could cause premature mortality. Those who procrastinate about estate planning because they are young and healthy may eventually die without a will.
The risk of incapacity
An individual does not need to die to become incapable of drafting a will. In some cases, living people lose their testamentary capacity due to medical challenges.
They become unable to execute legal documents because of dementia, mental health challenges or other debilitating medical issues. Those who draft wills before their health and cognitive ability decline can protect their loved ones. They can also potentially create documents other than wills to protect themselves during their incapacity.
Taking the initiative to draft a will and possibly other estate planning documents can give a testator peace of mind. Their loved ones also derive guidance and protection from their efforts. Instead of waiting for some future event, committing to the creation of an estate plan in the near future is often the best option available.