What’s Holding You Back? – Procrastination in Estate Planning and Succession Planning
Procrastination occurs when something we feel like we “should” do meets resistance from something that makes us not want to do it. When we procrastinate, we are stuck in indecision. When it comes to estate planning or family business succession planning, your desire to get the plan in place may be meeting resistance from your concerns about:
How to “fairly” divide things between family members?
How to deal with your second marriage?
How to fund your retirement?
Who is qualified to take over your business?
How to provide for a special needs child?
You are stuck in indecision. The comedian Steven Wright once said: “I intend to live forever, so far, so good.” That is definitely one plan, but it may not be the best. The fact of the matter is that you will someday leave your business and you will someday leave this life. It is not a question of if, it is a question of when. Unfortunately, we don’t know the when and that when can often come as a surprise. Failure to plan often leads to failure in general. There are many books out there about how to overcome procrastination. I would simplify it in the slogan of Nike – Just Do It. Get it done. Block out time and put in on your calendar. Get the help you need from your professional advisors. Even if you don’t know all of the answers, plans can be updated and revised as your desires and circumstances become increasingly clear. So don’t let indecision become your decision. Be purposeful, intentional and get it done.