Overcoming Procrastination – How Families Can Start End-of-Life Planning Today

As two people who never thought we’d be widowed before the age of 50, Katie and I can attest to the importance of planning for the unexpected.  Despite how difficult it may be to discuss end-of-life planning with your aging parents or spouse, it’s one of the most loving and responsible gifts you can give your family. 

While most people understand how important this is, it’s easy to procrastinate.  If you’re a young stay-at-home parent, it may be hard to think about wills and trusts when you’re busy driving kids to activities, prepping meals, or juggling household chores.  If you have aging parents you want to help, it may be emotionally difficult to discuss these topics with them.

Regardless of our circumstances, it’s critical we stop procrastinating and focus on what we can do now to get started.

Why Families Should Prepare Now

1. Life Can Change in an Instant – As if the COVID pandemic wasn’t already enough of a reminder, accidents and terminal diagnoses are unfortunately all too common in our world.  Procrastinating can put you and your family in a vulnerable position, especially if you’re a younger family with kids at home.  And while a stroke, heart attack, or dementia might not kill your aging parents, it might make it nearly impossible to have a conversation with them about their wishes. 

2. Acting Now Will Save You Money – Here are a few examples:

   1. You can get more life insurance for less the younger and healthier you are

   2. You can pre-pay at today’s prices for funerals and cemetery plots

   3. Paying a little now for a proper trust and/or will can save thousands in legal fees later on when you need to access frozen accounts or investments

3. Protect Your Loved Ones – A sudden death will leave an unprepared family vulnerable to lengthy court battles and limited access to essential assets, which often requires drastic changes in where and how the family lives.  As an example, one of the widows in our support group was a stay-at-home mom who had to uproot her life to live in her sister’s garage because she couldn’t afford to continue paying for their home after her breadwinning spouse died unexpectedly. 

4. Protect Yourself – Be selfish and protect your own future in the event that something happens to your spouse, partner, or anyone else you may depend on for support.   

5. Peace of Mind – Once you’ve got your family estate plan in place, there is an immense sense of relief knowing that you and your loved ones will be okay if the unthinkable happens. 

How Families Can Act Now

1. Start the Conversation with Your Partner, Spouse, or Parents – Communication is the first step in end-of-life planning.  Knowing what each other wants and expects will help you develop a game plan on how to proceed.  If you need help on how to get that discussion started, see our blog post titled “Talking to Reluctant Parents (or spouses) About End-of-Life Planning”

2. Take Inventory of Who and What You Want to Protect – Who are the people who need care if something happens to you?  What resources will they need?  What assets need to be accounted for?  Do you have any possessions that should be given to specific people?

3. Evaluate What You’ve Done So Far – Do you have a will?  Life insurance?  Decide what is missing and what needs updating.  Check and double-check that policies are up-to-date and that you know where the legal documents can be found.  Multiple widows in our support group reported they didn’t receive the life insurance payments they expected (and needed) because their spouses had canceled the policies without telling them.

4. Research Legal, Financial, and Insurance Experts – Start putting your team together.  Ask family and friends for referrals.  Look at websites and reviews.  Participate in their free webinars or online presentations to get a sense of whether they’d be a good fit for you. 

5. Schedule Your First Estate Planning Consultation Now – Don’t let your research go to waste.  Act quickly on what you’ve learned and start booking consultations with these professionals.  Set a deadline for yourself to get the appointments booked (and reward yourself if you hit it).  Even if you’re juggling multiple responsibilities at home and work, starting with a 30-minute consultation online can set the wheels in motion for your family’s protection. Many financial and legal professionals offer virtual appointments, making it easier for busy parents.

You can do this!  Don’t wait for the “right time.”  The right time is now. Set aside 15 minutes today to have that conversation with your partner or parents. 

As Cody Barbo, the founder and CEO of Trust & Will once said about estate planning for families, “It’s not boring; it’s essential.  It’s not a chore; it’s a responsibility.  It’s not stressful; it’s empowering. It’s not financially untouchable; it’s within your reach.”

If you need some help, let us know. Send us a note here:  https://www.affairsinorder.com/stay-informed

Cheers!

Corey

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