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INTRO: In Part One of this series, we spoke about some of the reasons people procrastinate. How can you break the cycle of procrastination? Here are some ideas.
Fascinating studies are being conducted in many countries with therapy and even software being developed for habitual procrastinators. Fortunately, some scientists believe the following represent constructive tools to remedy – break the cycle of – procrastination:
1) Break down the project goal into concrete sub-goals and commit to the exact time you will start to work on the task;
2) “Just get started”! – don’t get overwhelmed by a long list of tasks or intermediate steps that may be required to complete the project;
3) Remind yourself that completing a task now will help you in the future (and putting it off won’t make it more enjoyable);
4) Give yourself a reward for not only completing the whole project, but also for finishing each sub-goal.
Examples of the kinds of foreseeable negative future consequences you and your loved ones could suffer by procrastinating about estate planning are: tens of thousands of dollars in unnecessary probate fees and costs; substantial time and inconvenience in estate administration; unnecessary and stressful court intervention; causing your estate affairs to be open to the public instead of being handled privately; no control over distribution of assets to young adults or beneficiaries with special needs; and court appointment of people authorized to manage your finances, health care and/or minor children whom you would not want to do so.
On a more positive and constructive note, what tools would the above-referenced studies suggest to help you break the procrastination cycle and thus avoid such negative future consequences?
In estate planning, the process is typically broken down into concrete sub-goals or steps: i) contact an experienced estate planning attorney to discuss your situation, obtain a fee quote, and answer your preliminary questions; ii) complete the attorney’s Confidential Client Questionnaire; iii) schedule a meeting to discuss and decide upon key provisions of each estate planning document, with the attorney’s guidance and support; iv) review the documents prepared by your attorney; v) schedule an appointment to discuss and sign the documents, and-vi) (assuming you establish a Living Trust) retitle assets into your Trust with the attorney’s instructions and advice.
Forgive yourself for procrastinating. Just get started and reward yourself each step of the way!
This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.
Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.
ESTATE & TRUST ADMINISTRATION: Need to find an experienced estate & trust administrator in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on a Revocable Living Trust, “Summary” Estate Administration, Trust/Estate Beneficiary Representation and Will & Trust Disputes.