There is No Such Thing as a ‘One Size Fits All’ Estate Plan

Many people mistakenly think that there is a generic will or trust that you can use to establish an estate plan successfully. You are a unique individual with situations that are different from others; there is no such thing as a ‘one size fits all’ estate plan. You need someone who can help you plan for your future when you need help being taken care of and with your final wishes.

Each Person Has a Unique Situation

An estate plan includes more than a will or trust. It also includes a health care directive, power of attorney and guardianship of your children. Plus, your plan must also understand your retirement and life insurance plans. A generic estate plan will not usually take care of you.

We have worked with people in various situations at Estate and Probate Legal Group. Here are some examples that may help you:

• Specialized Trust – perhaps you need a
  • special needs trust
  • incentive trust
  • irrevocable trust
  • AB trust
  • and more
• Inheritance Protection – if you are getting remarried but still want to ensure your children inherit specific property, you can establish a plan to make sure that happens.
• Things You May Have Forgotten – it is common for people to forget some important information. In one case, a client never changed their 401(k) beneficiary after being divorced and remarried. If they had passed away before updating the information, all of the retirement money would have gone to their ex instead of their current spouse of over ten years.
• Needed a Healthcare Directive – many people don’t know they can (and should) draft a healthcare directive now. Whether you are in an accident or develop Alzheimer’s, deciding now will take the burden off loved ones. It will tell the doctors and your loved ones your wishes if you cannot care for yourself.

We could show you many more situations, but hopefully, you understand that your estate plan needs special attention.

Ditch the ‘One Size Fits All’ Estate Plan

Please don’t believe that a ‘one size fits all’ estate plan is good for you. You may think that because you don’t have a lot to leave people, you don’t need to worry – but that is not true. When you die without the proper estate plan, you put undo financial and emotional stress on those left behind.

Working with an experienced estate planning attorney will help ensure your final wishes are carried out.

DuPage County Estate Planning Attorneys

Call us for more information on setting up an estate plan specifically designed for you. Contact one of our lawyers today and schedule an appointment at 630-864-5835. 

AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties