As you start to get older and your life changes, you need to understand the value of having a personalized estate plan. While there are basic DIY estate planning methods online and simple forms that you could fill out on your own, the reality is that those may not protect you in the ways that you think they will unless you have them personalized to fit your situation.
There are dozens of reasons to personalize your estate plan starting with the ability to protect your personal assets, avoid will contests and make sure that you are protected if you are incapacitated. A good estate plan protects you and your family and friends, so you know that your beneficiaries get their inheritances and that you are given the best quality of life for as long as you live.
A personalized estate plan gives you control over your estate
With a personalized estate plan, you may have better control over how your estate is distributed once you pass away. You can leave details about your wishes and how you’d like your estate to be handled, too, so that the executor only takes the actions that are legal and that you’ve approved.
Many people think of an estate plan as a cut-and-dry method of passing on assets, but it will also protect you. With your estate plan, you can set up a health care power of attorney who is different from your financial power of attorney, create a plan for your care as you get older and set requirements in trusts or other documents that limit what people will receive from you if they don’t do what you’ve asked.
No two people have the same estate, assets or wishes, which is why it’s so important to personalize an estate plan to make sure your wishes are clear. A good estate plan reflects your personality and hopes for your family as well as offering protections against taxation or financial losses. The right estate plan will give you more control over your assets and help make sure that your heirs and beneficiaries get what they deserve.
