Estate planning is one of the most important steps in securing your family’s future, yet it’s often one of the most avoided. It’s easy to understand why. The process involves thinking about uncomfortable topics like aging, incapacity, and what happens after we’re gone. Plus, the legal complexities can feel overwhelming. But postponing estate planning doesn’t make the need for it disappear—it only increases the risk of leaving your loved ones with uncertainty and unintended consequences.
Why Do We Avoid Estate Planning?
Behavioral research offers several explanations for why so many people delay this important task:
It’s Emotionally Difficult: Thinking about our own mortality isn’t pleasant. Many people put off estate planning simply because they don’t want to confront these thoughts. It’s natural to focus on the present and avoid discussions about what will happen after we pass.
It Feels Overwhelming: Estate planning can seem complicated, with wills, trusts, powers of attorney, healthcare directives, and beneficiary designations to consider. When something feels too complex, the easiest response is to put it off for “someday.” Unfortunately, someday can turn into never.
We Think We Have Plenty of Time: It’s human nature to assume there’s always time to plan later. However, unexpected events happen every day. A sudden illness or accident can leave families scrambling to figure out financial and medical decisions without clear guidance.
We Assume It’s Only for the Super-Wealthy: Many people believe estate planning is only necessary for the ultra-wealthy. In reality, everyone—regardless of asset level—should have a plan in place to help ensure their wishes are carried out and their loved ones are protected.
How to Overcome These Hurdles
The good news is that estate planning doesn’t have to be overwhelming. Breaking it into manageable steps can make it more approachable and help you stay in control of the process.
Start Small: Instead of trying to tackle everything at once, take small steps. Begin by listing your assets and identifying who you want to handle financial or healthcare decisions if you’re unable to. This will give you a clearer picture of what needs to be included in your plan.
Have the Conversation: Talk with your spouse, children, or other loved ones about your wishes. It may feel uncomfortable at first, but open discussions help ensure that everyone understands your intentions and that there are no surprises down the road.
Work with a Trusted Professional: You don’t have to do this alone. An estate planning attorney can guide you through the legal requirements so that your documents align with your goals. At Northstar, we work closely with estate planning attorneys and can even refer you to one if you’re in need of guidance.
Update Your Plan as Life Changes: Estate planning isn’t a one-and-done process. Major life events—such as marriage, divorce, the birth of a child, or changes in financial circumstances—should prompt a review of your plan to ensure it still aligns with your wishes.
Take the First Step Today
If you’ve been putting off estate planning, now is a great time to take action. The hardest part is getting started, but once you do, you’ll feel a sense of relief knowing your loved ones will be taken care of according to your wishes. Your Northstar advisor is here to help. We can coordinate with your estate planning attorney or connect you with a professional if you need one. Let’s start the conversation today.
This material was written in collaboration with artificial intelligence (ChatGPT) derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.