Delaying until it is definitely too late – A theoretical framework for explaining procrastination in estate planning

Abstract Procrastination in estate planning poses significant challenges in personal financial planning. Despite recognizing its importance, many individuals delay estate planning, risking unplanned estate distribution and family conflicts. This procrastination, driven by discomfort and perceived ample time, leaves legacy unstructured, failing to meet the testator's wishes and needs. Understanding procrastination in estate planning is crucial as it affects financial security for surviving dependents and the orderly transfer of assets. Procrastination research, although extensive in academic and professional contexts, has not adequately addressed estate planning, leaving a gap in comprehending this behavior within financial decision‐making. This article systematically analyzes procrastination in estate planning, presenting a theoretical framework based on the Rubicon Model and incorporating the mood‐repair hypothesis and temporal motivation theory. It outlines the estate planning process, identifying phases where procrastination occurs and the possible reasons behind it. The framework explains how negative emotions and discounted future benefits contribute to delays, impacting the timely completion of estate plans. The article highlights the role of financial advisors in helping clients navigate estate planning, offering practical recommendations to improve client engagement and ensure better financial outcomes.