Seventy percent of folks have no estate planning in place—meaning no will, no trust, no powers of attorney, nothing appointing anyone they trust with the legal authority to act on their behalf if something were to happen. I don’t think it’s a lack of money; we spend lots of money on lots of things. Maybe it’s avoidance—somehow emotionally linking us to our final demise? It amounts to procrastination. We all do it from time to time.
What about procrastination that is absolutely paralyzing? Have you experienced that? Where are you with that? Do you know someone who is a procrastinator, and you’ve tried everything you can think of to get them moving, but they’re still sitting there like a lump on a log?
Procrastination is real—I see it all the time. Do nothing damaging.
I was watching an old school be torn down, located down the street. A big tractor was tearing away at the building, leaving piles of rubble. I saw all kinds of people boo-hooing about the building—”so many memories,” “how sad,” blah, blah, blah.
Do you know the reality is that building had sat crumbling and deteriorating for 20+ years, probably even longer? I know because I drive by it at least two times a day!
Why didn’t anyone do anything to protect the building? To save it? Right? If they cared so much—You know what I think? They don’t care—didn’t care enough to do anything about it. Now, when they are seeing the result, it’s a hue and cry and “so sad.” Reality is, it’s too late to do anything.
That’s the same thing I’m talking about here. Procrastination – you care but you don’t care enough to do something about it.
I’ve spent two years of my own time, money, and effort on this podcast—trying to encourage you all to move forward with a plan for your estate planning and older years. Why? Because I do care—I’ve seen what happens when it’s too late.
But Nancy, what do you mean? What does any of this have to do with estate planning?
You need to invest time in planning—the right documents, enforceable, and that work for you. Asset planning, long-term care planning, understanding eligibility requirements—all of that. Seventy percent of us have done nothing.
Procrastination, just like the demolition of that school—except it’s your life, your independence, your quality of life, your ability to make your own decisions. All that effort—comes crashing down on you—you lose your freedom of choice. All because you didn’t take action.
If you’re a procrastinator—you’re not alone.
Leonardo Da Vinci is best known for painting the Mona Lisa and The Last Supper. He’s an Italian artist, scientist, and engineer well-known worldwide for his work. Alongside his successful career, he’s also known to be a procrastinator, frequently leaving work unfinished after spending longer than expected on projects.
Da Vinci was known to be easily distracted and often spent his time doing unfinished projects and doodles. It took Leonardo Da Vinci 16 years to finish one of his most famous paintings, the Mona Lisa, and when he died in 1519, he left behind many unfinished sketches and projects.
—But I ask you, do you want to stay there? I want to help you move forward, especially when it comes to planning.
Planning is essential: What if you wait until you’re in a circumstance where you need someone to protect you, and there is no one in place—or your options as far as care and housing have dwindled away, and you are faced with government subsidies nursing home care—only after you’ve spent down everything you’ve saved over your lifetime.
That will make you stressed and make your family stressed.
My question: why would you do that to yourself? Why would you do that to people you say you love???
Seventy percent of you out there—7 out of 10—are making this decision because you haven’t done anything to put a plan in place for you, your stuff, and your future care.
That’s just foolishness.
It’s time to take action. Do something. Your future self will thank you. So will your family. How to do that? When I come back.
We are talking procrastination—more specifically, procrastination when it comes to planning for your older years. What would you do if there was some unexpected event? That creates crisis—you’re not prepared.
I recently lost 20 pounds…I’m planning to lose more. I’ve lost weight before—sometimes it’s that same 5 pounds back and forth for years. Have you ever done that?
Everybody has the secret—the shortcut—the magic pill, right?
The weight loss industry is valued at $300 billion dollars—that’s money thrown at the solution by all of us that are believing there’s a secret or a short cut. There is none. You just have to do the work.
That’s what I’m talking about today when it comes to planning.
Question – Do you have a lock on your door? Do you have insurance on your house? So you obviously care to some degree about protecting yourself if something happens, right?
So why don’t you care about yourself and your family enough to put an estate plan or long-term plan in place? Have you talked with your friends? Do you have that friend that got moved out of their house and into assisted living? Why do you want that to happen to you?
Turn – Procrastination into proactive planning. It’s not hard. It takes effort and time. It doesn’t even have to be complicated. You’re making it complicated by not putting a plan in place.
Same thing with not planning—if you’re not taking time to plan—you don’t know what the road ahead looks like, your options, or what you need to have now so that you can navigate that in the future.
Without a plan, individuals often face unexpected situations and last-minute scrambles, leading to heightened stress and anxiety, according to the Press Enterprise.
Lack of planning can lead to inefficient allocation of resources, including time, money, and personnel.
Failing to plan financially can lead to missed opportunities for wealth building, poor debt management, and overpaying on taxes.
Poor planning can also result in higher costs for large purchases due to lack of preparation.
- Without a plan, individuals and organizations may struggle to achieve their goals efficiently.
- In business, a lack of succession planning can lead to the loss of key talent and expertise, impacting the company’s ability to recover and thrive.
For many seniors, putting off important tasks can stem from feeling overwhelmed. It’s daunting to think about wills or downsizing a home filled with memories. Understanding this is the first step in addressing procrastination.
The “2-minute rule” from Atomic Habits by James Clear suggests starting new habits by doing something that takes two minutes or less. This makes it easier to overcome procrastination and build momentum. The next activity will take less than two minutes.
Here are simple steps to take action necessary to put a protective plan in place for you and your family. Ready? You may not have all the answers, but this will help you identify them.
- Call a professional and make an appointment.
- Meet with that professional – choose a plan. Pay for it. It will be an investment – better than the cost of the damage down the road that comes with not planning.
- Include personal information – your circumstances are not like anyone else’s – you need a specific plan. Generic disaster.
- Review the documents – ask questions – confirm they say what you want, and sign them.
- You absolutely need – health care POA, financial POA, end of life directives, will – maybe a trust.
- Keep the originals someplace safe.
What questions do you have? I’d love to hear from you. If you like the podcast, share it with a friend, and follow us on Facebook and YouTube. If you need help with estate planning or administration, reach out for a strategy session.
🔑 For help, visit https://www.NancyCogar.com
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Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.
