A frictionless first estate plan is a great first step for Solo Agers with no plan at all. It helps Solo Agers clarify their thinking and decisions, all while having a basic plan in place in the meantime.
Why Solo Agers need a frictionless first plan
We’ve heard from many folks who are stressed because they have no plan whatsoever. In general, Solo Agers don’t have the traditional heirs and family members available to fill the executor role, so it is important to have something in place.
The reason why many Solo Agers don’t have a plan is often because of analysis paralysis. While estate planning is a series of decisions, some people get stuck analyzing every detail. Of course, there is also the fear of making the wrong decisions and the consequences that come from that. The biggest fear is choosing the wrong fiduciaries.
Why a frictionless plan?
A frictionless plan is a version of your estate plan that is as low-cost and as low-headache as possible.
When your estate plan is low-cost, psychologically it is easier to make decisions, because you realize that it’s not a big deal to make changes if needed. People feel more at ease when spending a few hundred dollars versus a few thousand dollars to create a plan and make changes when needed. Low-cost solutions allow you to easily reverse or change your plan and not feel like it is set in stone.
With a low-cost solution, the fear of making changes won’t prevent you from having any plan at all.
Example of a frictionless solo ager estate plan
Our plan for a frictionless Solo Ager estates includes three steps:
First, make a do-it-yourself will using one of the software programs that we’ve reviewed. One that we are currently recommending is Free Will. For basic wills, it gets the job done. https://anthonyspark.com/e187-3-best-free-diy-will-software/
Second, name a professional executor. If you feel comfortable with us, name us for now. It doesn’t have to be your final decision; you can change the executor any time. https://anthonyspark.com/professional-executor/
Third, have an attorney-supervised signing. This is the biggest (low) cost involved. The reason we recommend an attorney-supervised signing is because there are a lot of technicalities to having a legally binding will signing. If you mess up even one or two parts, all of your hard work becomes moot. In the New York area, you can hire an attorney and their staff to witness the signing of your self-prepared will for $200 or $300 (compared to the thousands of dollars to hire an attorney to draft your estate plan). The cost of an attorney-supervised signing could be even lower outside of the New York area. https://anthonyspark.com/e273-diy-will-vs-lawyers-for-solo-agers/
We hope that by outlining these low-cost options, you will be confident in creating a bare-bones plan as a safety-net to get you started.
Free copy of “The Solo Ager Estate Plan”
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