Embracing the Inevitable


Will Palmer

Wealth Advisor

In life, there are conversations we tend to avoid at all costs. From the awkward "birds and the bees" talk with our kids to grappling with the complexities of addiction, and yes, even facing our own mortality. It's tempting to adopt what I call the Ostrich syndrome: burying our heads in the sand and hoping the issue will magically disappear. But as any wise advisor will tell you, this tactic only offers fleeting relief. Sure, it might temporarily alleviate discomfort, but it does nothing to address the underlying realities.

Today, we're diving into the importance of confronting our own mortality head-on. Death is the great equalizer; it's an unavoidable part of the human experience. Yet, despite its inevitability, many of us shy away from discussing it, preferring to live in blissful ignorance. I've encountered countless clients who deflect with statements like, "I don't want to talk about it," or "Let's focus on something else." But avoiding these crucial conversations does a disservice to one's financial well-being.

Let's be real: discussing mortality is never easy, regardless of age. However, as we mature, we come to recognize the necessity of planning for the inevitable. Having the right support team in place can make all the difference in navigating these challenging discussions and ensuring your wishes are carried out as intended.

For younger individuals with children, the primary concern often revolves around guardianship. Who will care for your children if the unthinkable happens? Conversely, for those further along in life, the focus shifts to estate division and selecting someone to oversee their affairs. While these decisions may seem straightforward in theory, the execution is anything but.

Consider this: failing to establish legal guardianship means relinquishing control to the state, a prospect few parents would willingly embrace. Likewise, leaving the courts to determine the fate of your estate can lead to undesirable outcomes. The key takeaway? It's not enough to have a plan; it must be your plan—one that reflects your values and priorities.

When making these critical decisions, there are myriad factors to consider. While appointing a guardian or family member as executor may initially seem like an honor, it comes with significant responsibilities and potential pitfalls. From navigating complex family dynamics to fulfilling legal obligations, the role requires careful consideration and planning.

If you've already taken proactive steps to involve legal counsel and your advisory team in crafting your plan, kudos to you. But if you've yet to broach these conversations, now is the time to act. Engage your family in meaningful dialogue, seek guidance from legal experts, and lean on your advisory team for support. By doing so, you'll minimize stress for your loved ones and ensure your legacy is preserved according to your wishes.

In the end, it's not just about having a plan—it's about having the right plan. So, don't wait until it's too late. Start the conversation today and take control of your financial future. After all, there's no honor or privilege in leaving your affairs to chance.

Will Palmer

Wealth Advisor

Will Palmer is a Wealth Advisor at Coyle Financial who has spent over 15 years helping high-net-worth individuals and families navigate complex wealth-planning issues. He specializes in helping clients manage major life transitions such as the move into retirement, or loss of a spouse or loved one.

All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness. This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client. The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment. Those seeking information regarding their particular investment needs should contact a financial professional. Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material. The opinions expressed were current as of the date of posting but are subject to change without notice due to market, political, or economic conditions. All investments involve risk, including loss of principal. Past performance is not a guarantee of future results.

Copyright © 2023 Coyle Financial Counsel. All rights reserved.

You may also be interested in

view all insights

Let's Begin

Start the conversation today by reaching out to our team.