YOUR ESTATE PLAN NEEDS TO BE UNIQUE
Jan. 14, 2021
Your life is unique. There’s no one-size-fits-all solution to estate planning that is going to encompass all of that perfectly. Your estate plan needs to be equally unique
This is why it’s often not a good idea to use a DIY will or copy what a friend did. They don’t have the same goals, assets, debts and family dynamics. They may have a perfect will and estate plan for their situation, but that doesn’t mean it’s perfect for you.
For instance, perhaps you and your friend both have two children. Both of their children are equally well-off financially. One of your children earns vastly more than the other. On paper, your situations seem similar — you have similar assets, you have the same number of heirs, you’re the same age, etc — but you know how different they are. Your friend may divide their estate 50-50 between their children, but do you want to leave more to the child who needs more?
On top of that, estate planning can be complicated, especially when you go beyond just writing a will. You need to consider things like a medical power of attorney, how a trust can give you more control over your assets and what to do if your heirs need a guardian. You do not want to make any mistakes that are going to put your family into a tough position after you pass away, but you may have little to no experience with estate planning to avoid those mistakes.
If you do want to get started and you know that you need a unique estate plan, it’s helpful to work with experienced professionals who can guide you through the process.