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Are there estate planning considerations for those with ADHD?

On Behalf of | Nov 2, 2021 | Estate Planning |

For those with attention deficit hyperactivity disorder, or ADHD, they have likely been fighting it for their entire lives. Indeed, many are diagnosed in elementary and begin medication immediately. Unfortunately, even with medication, there may be some issues that make estate planning a bit more difficult than it is for their neurotypical contemporaries.

Different thinking styles

Some people think that those with ADHD are more prone to risky behavior, but this simply is not true. In fact, they are more risk adverse than a neurotypical person. However, ADHD people do tend to be more impulsive, which can lead to poorer outcomes when attempting to make long term decisions, like estate planning.

Plan and then write it down

The first step is thinking about what one wants to accomplish with their estate plan. This should be a list of goals, like who gets what. Do not forget to include one’s digital assets, like social media accounts and cryptocurrencies. Think about what one wants to happen with their Facebook account after they pass. Finally, write it all down. If it is not written, it likely will not happen.

Find accountability

If one does not know how to draft an estate plan, accountability is likely gained through contacting an estate planning attorney. Though, if one can draft it, the next step is ensuring that it is drafted, updated and enforced after death. This is done by telling someone about it or electing a trustee if one utilized a trust. Set a deadline to have the estate plan done and ask someone to make periodic reminders. These third parties can be invaluable to making sure the estate plan is completed and enforced.

Avoiding analysis paralysis

For some Richmond, Virginia, residents with ADHD, because the estate planning process requires this type of thinking, it can cause analysis paralysis where an estate plan is simply never done. It is put off, then put off and then putt off again, until, eventually, it never gets done. The key is planning, writing it down, setting a deadline and then finding someone to hold one accountable.