You should customize your estate plan to meet your unique needs.
Is anything truly one-size-fits-all?
There are reasons why most clothing comes in different sizes.
People come in all different shapes and sizes.
Consequently, they have different clothing needs.
According to a recent The News-Enterprise article titled “Don’t settle for a generic estate plan,” people also have different estate planning needs.
The stakes are higher for estate planning than for clothing.
The wrong fit for estate planning can cost you and your loved ones financially and emotionally.
How should you start customizing your estate plan?
Work with an experienced estate planning attorney.
Although hiring a professional will cost you money upfront, it will save you money and more than money (think "healthy family relationships") in the future.
An experienced estate planning attorney can help you anticipate issues, too.
If you are concerned about your loved ones fighting over your estate, the estate planning attorney can develop a plan to prevent litigation (think "healthy family relationships").
Some estate plans are more complex than others.
How you customize your plan depends on your specific situation.
If you have a loved one with special needs, you will need to provide for an inheritance without disqualifying your loved one from public benefits.
Although your other professional advisors may have a basic understanding of estate planning, you will need an experienced estate planning attorney to customize a plan to meet your needs.
After you have already taken this step, be sure to provide copies of documents to those who need them or store them in a safe location.
You should list all of your documents and their locations for the agents and fiduciaries appointed in your estate plan.
Reference: The News-Enterprise (June 23, 2020) “Don’t settle for a generic estate plan”
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.”
This statement is required by rule of the Supreme Court of Missouri.