The Essential Life Task of Planning Your Estate
Posted by D’Marie Kleeman on June 19, 2025
Estate planning is one of those essential life tasks that many people recognize as important but often delay indefinitely. This procrastination is driven by a mix of emotional, psychological, and practical barriers. Understanding these obstacles—and the risks of inaction—can help individuals take the necessary steps to protect their assets and loved ones.
Why People Delay Estate Planning
- Emotional Discomfort: Thinking about death, disability, or incapacitation is inherently uncomfortable. Many people avoid estate planning simply because it forces them to confront their mortality and make difficult decisions about guardianship, inheritance, and end-of-life care.
- Perceived Complexity: Estate planning is often seen as a complicated legal process involving dense paperwork and multiple professionals. This perception is especially strong among individuals with blended families, business interests, or complex financial situations.
- Misconceptions About Eligibility: A common myth is that estate planning is only necessary for the wealthy or elderly. Younger individuals or those with modest assets may mistakenly believe they don’t need a plan yet.
- Procrastination Bias: People tend to prioritize immediate tasks over long-term planning. Estate planning, which doesn’t seem urgent until a crisis occurs, often gets pushed to the bottom of the to-do list.
Why You Should Act Now
Failing to establish an estate plan can have serious consequences. Without a will or other directives:
- State laws will determine how your assets are distributed, which may not align with your wishes.
- Family disputes and legal complications can arise.
- Tax liabilities may increase unnecessarily, reducing the value of your estate.
Fortunately, a basic estate plan doesn’t have to be overwhelming. Key documents include:
- A will, to specify asset distribution and guardianship.
- A living will, to outline end-of-life medical preferences.
- A power of attorney, to designate someone to manage your affairs if you become incapacitated.
- A living trust, to help transfer assets outside of probate.
The Bottom Line
Procrastinating on estate planning puts your legacy and your loved ones at risk. Taking even small steps now—like drafting a will or assigning a power of attorney—can provide peace of mind and ensure your wishes are honored. With the right guidance, estate planning can be a manageable and empowering process.
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D’Marie is a tax principal with experience in all areas of U.S. Federal and New York State taxation. While specializing in performing tax services for individuals, trusts, and estates, she also provides tax services to commercial businesses, real estate-related businesses, privately held businesses, and private foundations.