Failing To Plan: The Ultimate Irish Goodbye

We’ve all been there, ready to leave the party, but we don’t want to make a scene or get caught in a lengthy conversation that delays our departure. Instead of running through a series of goodbyes and excuses, we slip out the door, undetected by others until long after our escape. While the Irish Goodbye works in many social situations, it is typically not an effective end of life strategy.

Many people shy away from creating an estate plan to avoid the perceived stress of the estate planning process. Oftentimes, individuals assume their families will just “figure it out,” or assert that “everyone gets along” so “it will be fine.” Unfortunately, it is not usually that simple.

While you are alive, you may need someone to help with financial or medical decisions should you become incapacitated. Without any sort of plan to guide these decisions, loved ones can be left feeling unsure as to how to handle your affairs. When it comes time to handle your estate after your death, loved ones may find that ownership of assets is not straightforward, assets might be unknown or difficult to locate, outdated beneficiary designations may lead to doubt about how assets should be distributed, probate and associated attorney fees that could have been minimized may diminish the estate, and quite often, conflict does arise between family members that previously “got along.”

When we pass away, loved ones will notice, and if we have failed to establish an estate plan, loved ones could be left to sort out a confusing and frustrating situation. Although creating an estate plan can require you to make tough decisions, the process does not have to be painful. For those hesitating to create an estate plan over fear of the process, Forbes provides a quick and easy understanding of what an estate plan is, and why it is important to navigate this process. Committing to making decisions ahead of time is the best way to spare your loved ones the stress of handling your affairs without your guidance and to make sure that your final exit is graceful.