There is an old saying in the business world: Paralysis by analysis. It basically means that the business does not take action because it is over thinking the issue. This occurs because the issue is outside the realm of the business’ knowledge base or that there are several variations to the issue that make it appear to be more complicated than it really is. Or, in the majority of cases, the business simply fears what it does not know.
In my practice, this Analysis Paralysis occurs all of the time. The complexity of estate planning and the fear of death lead people to procrastinate and put decisions off for a “later date”. Unfortunately, in some instances, that later date does not come.
I had a prospect meet with me regarding the passing of his wife. He was a nice man, but dealing with his wife’s passing was a massive weight. Their plan was simple, and worked for the first death – there was nothing that he needed to do. Except, as I explained, that now he needed to plan. But he was not ready. He said he would call me in a few months, and he would put his plan together.
I learned two months later that he had died.
I met with another lady whose dad had recently passed. She told me that “dad had promised the house to her.” I asked if there was a plan that said that. She replied that nothing was written. So I had to tell her that it does not matter what dad “promised”, it only matters what is written. So unless her 12 siblings agreed with that distribution, there was nothing that could be done.
It is important to make educated decisions about your plan. However, if you were to wait until you understood every last nuance, the plan would never be put into place. We have spent countless hours in classrooms and practice, devoting our entire practice to estate planning, to get to the levels of understanding that we provide to you.
So don’t be frozen because of over-thinking. Take the first step and build that momentum. Please call us for a free consultation, so we can help you put your plan in place.
Contributed by MH Albuquerque, Santa Fe and Las Cruces Estate Planning Attorney, James P. Plitz.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.