Creating a will has several benefits. A will can help your loved ones carry out your wishes, it can protect your assets, and it can allow you to designate a guardian of your children. Inevitably, some people never get around to making a will, even though they intend to do it. This type of procrastination can be difficult to overcome. Procrastination isn't a bias per se, but it's a close cousin to present bias, which causes us to avoid doing work now because the future benefits seem microscopic when compared to the immediate costs of doing the work today.In this episode, Mark talks with Nancy Murphy, a CERTIFIED FINANCIAL PLANNER™ professional and Schwab senior financial planner in Indianapolis who was previously a guest on the episode about senior and vulnerable investors. Mark and Nancy help demystify the process of making a will by explaining all the components, and they discuss the various legal documents that can make up an estate plan. They also discuss the benefits of having a trust and some common mistakes people make when it comes to naming beneficiaries. Follow Financial Decoder for free on Apple Podcasts or wherever you listen.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit Schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request.Investing involves risk including loss of principal.This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager.Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.(0322-26DK)