The Risks of Procrastinating on Estate Planning

Procrastination is something we’ve all been guilty of at one point or another. Whether it’s putting off a household project or delaying a decision at work, it’s human nature to avoid what feels overwhelming or unpleasant. However, when it comes to estate planning, procrastination can lead to serious consequences—especially in the event of a health emergency.

You certainly don’t want to be without an estate plan if, perish the thought, you become incapacitated due to an unexpected medical crisis such as a stroke or heart attack. Without proper planning, your loved ones may face unnecessary stress, legal complexities, and financial burdens during an already difficult time.

Yet, despite these risks, many Americans delay or avoid creating an estate plan. According to a survey by Caring.com, 43% of Americans without a will said they plan to wait for a medical diagnosis before taking action. This approach is not only risky but also unrealistic—by the time a health issue arises, it may be too late to make crucial decisions regarding your estate.

Why Procrastination Happens

The reasons people procrastinate on estate planning are varied. For some, it’s the discomfort of confronting mortality. Others may feel they don’t have enough assets to justify an estate plan or believe it’s something they can address later in life. In many cases, people simply aren’t aware of the importance of planning ahead, thinking that estate planning is only for the elderly or wealthy.

However, estate planning is for everyone, regardless of age or financial status. It’s about ensuring that your wishes are honored, your family is protected, and your assets are distributed according to your preferences. Waiting for a medical diagnosis or life-changing event can put you and your family in a vulnerable position.

The Alarming Statistics

What’s even more alarming than those waiting for a diagnosis is the 23% of Americans who say that nothing would motivate them to create an estate plan. This indifference could have serious consequences. Without an estate plan, your assets may be distributed according to state laws, not your personal wishes. This could mean loved ones might face legal battles or be left without the financial security you intended for them.

In cases of incapacity, if you don’t have a durable power of attorney or healthcare directive, decisions about your medical care and financial matters may be left to the courts or individuals who may not know your wishes. This lack of preparation can cause emotional and financial stress for those who care about you most.

Take Action Today

Estate planning is not just about distributing assets; it’s about protecting your family and ensuring your wishes are followed when you’re no longer able to make decisions. Creating a will, designating powers of attorney, and setting up trusts are all steps that provide peace of mind.

Don’t wait for a medical diagnosis to start planning your estate. Life is unpredictable, and the best time to plan for the future is now. By taking action today, you can ensure that your loved ones are protected, your assets are managed according to your wishes, and you have a say in your own care and legacy.

Contact Us

At Lawvex, we understand the complexities of estate planning and are here to guide you through every step. Whether you’re starting from scratch or need to update your existing plan, our experienced team can help you protect your legacy and provide peace of mind for your family. Contact us today to schedule a consultation and take the first step toward securing your future.