Why do people not have a will?
Mike Cowart
Informing individuals and couples of the hidden tax in retirement assets, and the opportunity to redirect this liability to their favorite charities.
Based on my experience as a legacy advisor, 40% of couples or individuals do not have a will. Why?
Procrastination-It's about avoiding pain, which includes shame, fear, and vulnerability. Estate planning makes us feel vulnerable because we have to talk with someone about money, discuss the end of our life, and perhaps, challenging family dynamics. Talking and thinking about death and/or incapacity makes us scared, and it's easy to justify procrastination to avoid these negative feelings.
Omission bias-There is a tendency to prefer inaction to action.
Inertia-Doing nothing is often the most comfortable choice.
Myopia-A focus on the near term prevents an individual from visualizing future needs.
Present bias-There is a tendency to underestimate the importance of future consequences when making decisions.
Choice overload-Most people have decision fatigue.
(Tracy Mallory-Curtis JD, Legacy Giving Director, Mal Warick Donordigital)