On second thought — indecision about wills

One of the reasons I think average people do not draft or update their wills and estate plan is just plain indecision. That makes sense and I do understand it, having had similar experiences myself. I can describe it and can also make some suggestions. You may want a will in years past but, when the children are young, you could be wrestling with the idea who should serve as guardian or as trustee if anything happens to you and your spouse. First, you tell yourself “I’m young now. Nothing will happen.” Then you confront the possibilities.

Your brother and his wife live at a distance and you would not want your children to have to move. You do not know if your in-laws would raise your children the way you would raise them. Besides, nothing would happen. You are young. Right? Also, you figure your assets are not so high as to require planning.

There are many fallacies in that analysis, especially including the need for a plan for the children and you might even realize that at the time but, if it is difficult to decide, you might just put it off. And then you grow older.

Then take mid-life. Now you have the income and assets. The children are older. They might have jobs or be attending college. The possibility of an illness or accident could become more real if you see tragedies occur to relatives and friends. You decide now is the time to do something but indecision could rear its ugly head again. Now it can be a different kind of indecision.

You wonder, if you become sick, could your spouse handle everything? Or in the alternative, if your spouse becomes ill do you know enough about the finances to handle them alone or do you need help. If your children inherit a large estate from both of you, or if they are acting as power of attorney, will they know enough about how to use money wisely or will they spend foolishly, maybe recklessly and injure themselves.