Inheritance planning : a qualitative research
Year: 2024
Type: dissertation
Abstract: Inheritance planning is a crucial but often neglected aspect of personal financial management, involving legal, emotional and familial complexities. Despite its importance for financial security and the fulfilment of inheritance wishes, many people delay or even avoid starting this process. This paper examines the psychological, emotional and practical obstacles that contribute to the postponement of inheritance planning, using the Rubicon model of action phases as a framework. Using semi-structured interviews with 16 people aged 50 and over, the study takes a hermeneutic-phenomenological approach to uncover the deeper meanings and lived experiences underlying these delays. The results show that procrastination in in-heritance planning is motivated by emotional avoidance, the complexity of the task and a lack of self-efficacy. Fear of death, family conflicts, and uncertainties in legal and financial matters emerged as important barriers. Furthermore, the study emphasises the influence of external motivators such as life events and social dynamics on catalysing action. The results underscore the importance of clear accountability structures, implementation intentions, and supportive expert advice to overcome these hurdles. The study provides theoretical implications by expanding the understanding of procrastination in high-risk decision-making situations, and practical insights for designing interventions that facilitate proactive estate planning. How-ever, limitations, such as the small sample size and potential homogeneity due to the snowball sample, point to opportunities for future research. These include examining cultural influences, the role of political and economic uncertainty, and strategies for integrating life planning and inheritance considerations. This work contributes to a more nuanced understanding of why people postpone inheritance planning and identifies practical ways in which they can be supported in moving from intention to action.
DOI: 10.21256/zhaw-35100
Author: Mogilnik, Grigorij
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7125220614
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