The Road to Success and the Road to Failure

19 Sep The Road to Success and the Road to Failure

“The road to success and the road to failure are almost exactly the same.” –Colin R. Davis

Anyone who sets out to put together a will has the best of intentions. They want to ensure their family is cared for. And in some ways, creating even the most basic, do-it-yourself will can help in some way.

But there are also risks when you do it yourself. Estate law is tricky, and it evolves over time. You can’t possibly keep up with all the details – but your financial planner can.

The reason to hire a professional – a financial planner or an estate lawyer – is because they are experts. Experts can help you stop the gaps and avoid the risks. They can help you determine the best way to pass along the results of all your hard work to the next generation – with as few penalties as possible.

The best thing about working with an expert is that they can help you avoid the pitfalls of failure. Wills that aren’t well considered and thorough lead to major challenges down the road, including:

1. Failure to have a legal current will.
2. Failure to integrate legal, financial, tax and emotional issues.
3. Failure to factor in all of the assets.
4. Failure to consider the tax consequences of certain assets and insurance.
5. Failure to consider the need for cash.
6. Failure to take into consideration all of the potential beneficiaries.
7. Failure to distribute assets prior to death, where this may be important.
8. Failure to consider a living legacy, i.e., benefits available during one’s lifetime.
9. Failure to consider issues of fairness or equality among beneficiaries.
10. Failure to take steps to reduce taxes.

When you’re ready to create a comprehensive estate plan, working with an expert is really the only way to go. The risks are too high to do it yourself. And the road to success is much more comfortable.

To learn more about preparing your estate, contact us.

Joel Rose

With over 35 years of experience, Joel Rose helps families – and their businesses – to prepare for the future. He offers guidance and support to help his clients create estate plans and succession plans that meet the needs of the whole family. Through his extensive professional and personal experience, Joel is known for his compassion and his ability to find a creative solution to meet each family’s needs.