I see analysis paralysis from time to time in my estate planning practice. People come in terrified by the idea of not having an estate plan. Some have been doing so much research that they feel overwhelmed and can’t make a decision. Talking things through and taking small steps at first can help.
When I see analysis paralysis, I am reminded of the 1980’s video game, Tetris. I used to play Tetris a lot back in the day. If you’ve never played Tetris, it is a game that penalizes players not only for bad decisions, but for taking too long to make any decision. That game taught me that not doing anything is itself a decision - and usually a bad one!
However, even with my vast Tetris experience, sometimes I have analysis paralysis too. Recently I had a hard time deciding which networking group to join. It took me several agonizing weeks. Why is it that sometimes making a simple decision is so hard?
To make matters worse, it seems that some people don’t have this problem. For example, Richard Branson blithely makes multimillion or billion dollar decisions daily with no problem! How does he do it? Is there a solution out there that will help me and others? To find out, I began researching this question and I realized that part of my problem is that I am always looking for the perfect solution, not just a solution that works. As they say, perfectionism is the enemy of done. It is always better to have something in place rather than nothing. This is especially true in estate planning. If you can’t decide between a will or a trust, start with a will. You can always improve upon your estate plan later.
The important thing is not to get bogged down in the details. Moving forward with a decision, even when you are not 100% certain, always gives you more information than you had standing still. Now if I can just incorporate this philosophy into my every day decision-making!
If you need help with your estate planning analysis paralysis, call me at 704-887-5242 to schedule a time to talk things through.
Image: Shutterstock/Brian A. Jackson
DISCLAIMER: The contents of this post are for educational purposes only. The information offered in this post does not constitute legal advice and reading the information does not create an attorney client relationship with Nancy Roberts or the Law Office of Nancy L Roberts PLLC Firm. Before taking any action, you should always seek legal advice from an attorney you hire, who advises you based on your specific facts, circumstances, situation, and the appropriate governing law.