Why we put off estate planning

The risks of procrastination are bigger than you think

Procrastination is the act of delaying or putting off tasks. It’s not about laziness or indolence, but is caused by fear or anxiety or as a way to cope with unpleasant emotions.

Wealthy, successful people can be the biggest procrastinators. In fact, among respondents with a doctorate or master’s degree, procrastination was a top reason for not having an estate plan, according to the Trusts and Wills 2025 Estate Planning Report.

Why do we procrastinate estate planning?

Understanding why we procrastinate estate planning can help us deal with this challenge.

Reasons why we procrastinate include:

• We don’t want to think about death and our mortality or possible incapacity.
• We don’t think we need to do it until later in life and have no sense of urgency.
• We don’t think we are going to die and deny this reality we all will face and prefer to live for the moment.
• We find it challenging, complex, and confusing.
• We always seem to be too busy.
• We will have to make decisions that are emotional and cause us anxiety.
• We don’t want to pay the costs.

Hazards of procrastination

We know there are risks with procrastinating our estate planning. Below are a few specific problems that can arise.

• If you have no will, the assets in your estate will pass on an intestacy, and distribution among family will be determined under legislation and not by you, so your intentions won’t be carried out.
• Your plan will not be optimized to minimize tax and other expenses and changes in the law.
• If your plan is not updated frequently, it won’t reflect your intentions in light of your current circumstances. Many of us are surprised when we review our existing estate planning documents to see how many issues need to be addressed and provisions updated because of changed circumstances, and how unsatisfactory the current terms often are.

Embracing estate planning

We have set out a number of reasons we procrastinate our estate planning. Many are rooted in a negative mindset: “The glass is half empty and not half full.”

We need to change our attitude about estate planning – the process is not about death or incapacity, but really is about risk management – protecting your family to ensure you do not create a situation that causes distress, disruption, and disputes because your affairs are not in order.

Estate planning is also about self-actualization. Most of our lifetime efforts and wealth creation will be reflected and implemented by our estate plan. Our estate planning documents will be the most important and consequential documents we sign in our lifetime.

In estate planning, we get to design our plan and to consider and decide on important and interesting issues that reflect our thinking and values and put us in control of key decisions guided by professional advisors.

We find that our clients, once they are engaged in the process find it satisfying, enriching, and empowering.

Practical steps to not procrastinate estate planning

1. If you haven’t got an estate plan, or haven’t updated it recently, diarize a date to start the process and to get legal advice.
2. Review your assets, life insurance, registered plans, and beneficiary designations and keep a statement of net worth which you update at least each year and set a date to do so – each January or when you file your tax return is one idea, so you have a process.
3. Set a date for a periodic review of your estate plan so it is diarized and it becomes a habit. Once you have a process for keeping up-to-date as opposed to no process, you will minimize the risk of procrastination and will treat your estate planning check-up like any other check-up – your dental, medical, furnace, or car maintenance. All need regular maintenance!

Estate planning: a process. peace of mind: priceless

I hope you find this blog helpful and constructive. If you follow some of these ideas, I can truthfully say your biggest reward will be the peace of mind and sense of satisfaction you will have in knowing you are a good steward of your wealth and that you have done the best you can to take care of your family.

Our clients frequently tell us that after they create or update their estate plan with us, once their documents are completed and signed, they leave our boardroom with a sense of relief and contentment and often say: “I feel so much better now.”

Margaret O’Sullivan is Managing Partner of the Toronto-based trusts and estates law firm O’Sullivan Estate Lawyers. She practices exclusively in the areas of estate planning, estate litigation, advising executors, trustees and beneficiaries, and administration of trusts and estates. This article originally appeared in the O’Sullivan Estate Lawyers blog. Used with permission.

Notes and Disclaimer

Content © 2025 by O’Sullivan Estate Lawyers LLP. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. It is not intended to provide specific personalized advice on any individual situation, including, without limitation, investment, financial, legal, accounting or tax advice. Before taking any action involving your individual situation, you should seek legal advice to ensure it is appropriate to your particular circumstances.

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