3 ways behavioural bias could affect your approach to estate planning

Financial biases are often linked to investing. However, subconscious tendencies can affect many aspects of your finances, including your estate plan.

An estate plan sets out how your assets will be managed during your lifetime and distributed after your death. It might include writing a will or creating a trust to provide for young children.

As estate planning can be emotional, it’s not surprising that behavioural biases could affect how you approach the task. So, here are three ways biases might affect your estate plan.

1. Putting off your estate plan due to emotions or overconfidence

Trying to avoid confronting difficult emotions means some people put off estate planning altogether.

A February 2025 survey carried out by JMW Solicitors found that 77% of people believe having a will is important. Yet, 58% don’t have a valid will,