How Can You Stop Procrastinating and Create an Estate Plan?

March 21, 2022
Estate plans aren't just for the wealthy. So why do people tend to procrastinate making one?

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  • Learn more about estate planning, including our four-step checklist and tips on taxes.
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Creating a will has several benefits. A will can help your loved ones carry out your wishes, it can protect your assets, and it can allow you to designate a guardian of your children. Inevitably, some people never get around to making a will, even though they intend to do it. This type of procrastination can be difficult to overcome. Procrastination isn't a bias per se, but it's a close cousin to present bias, which causes us to avoid doing work now because the future benefits seem microscopic when compared to the immediate costs of doing the work today.

In this episode, Mark talks with Nancy Murphy, a CERTIFIED FINANCIAL PLANNER™ professional and Schwab senior financial planner in Indianapolis who was previously a guest on the episode about senior and vulnerable investors. Mark and Nancy help demystify the process of making a will by explaining all the components, and they discuss the various legal documents that can make up an estate plan. They also discuss the benefits of having a trust and some common mistakes people make when it comes to naming beneficiaries.

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Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit Schwab.com/FinancialDecoder.

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