Once and done is a common rallying cry for online sites that promise you a template-generated will. However, it’s a big mistake to look at your estate planning in that manner. You could end up creating more hassle for yourself and for loved ones. There are many more advantages associated with an estate planning system, one that’s aligned with your individual needs and dreams.
An estate planning system can be crafted with the help of an experienced lawyer. Working with a lawyer gives you the best possible chance to protect yourself and have the peace of mind that all aspects of your incapacity and after-death planning have been accomplished. Setting up a meeting once gets the ball rolling, but it’s your responsibility to follow-up at least on an annual basis to make sure your estate planning is in line with any life or policy changes.
Some of the most important aspects of an estate planning system include:
- Peace of mind for a business owner to control his or her wealth/business for as long as they desire or live
- Treat all children fairly in the passing down of assets
- Ensure that an individual and his/her spouse have considered incapacity issues and have a plan in place to support their lifestyle as long as they live
- Planning ahead for how a business will be passed on to future heirs or in-company talent
- Clears up concerns about going through the probate process
Your system, and in particularly working with an attorney who undertands your unique concerns, is the only way to comprehensively address all your issues on an ongoing basis. Estate planning is not something that should be looked at once and then ignored.