We have all heard the saying that practice makes perfect. There is a physiologic reason why – when we do something repeatedly, our brain creates neural pathways to make that action the default. Whether it is throwing a ball, memorizing a song, or driving a car, the more we do it, the more the action becomes a natural part of our processes. We do not have to think about how to throw a ball or drive a car, we just do it.
Making a decision about anything is part intuition and part active problem solving. Our brains tend to be lazy – if we are familiar with a concept or idea, we usually default to what we already know and may not take the time to think through the new information.
We also fear what we do not know. For example, if you have never had a root canal, you may be afraid, but once you go through it, you learn it is not so bad. If we have not been exposed to a concept or idea, we tend to avoid it because our brain knows it will have to work harder to understand the concept and make decisions.
How does this translate into planning for a successful transfer of wealth?
Most people do not want to think about get older. At some point, people are hit with the challenge – either through taking care of family members or through events in their own life. The need to move to safer living situations, quit driving, negotiate serious health events, or turn over financial decision-making can create family conflicts, and can be quite expensive financially and emotionally if not thought through carefully.
By creating a plan now, you document your ideal situation and put the pieces in place to work toward the goal. Ideally this gets communicated to family members, so everyone knows the plan. And by revisiting the plan periodically, the neural pathways become ingrained, so the plan becomes the default. If a situation occurs that necessitates implementing the plan, you and your family are prepared, and bad reactive decisions are less likely.
Starting to plan can be difficult, but once you get going, it gets easier. Subsequent conversations become more comfortable, and you and your family can be confident that you have a plan in place.
