When is it correct to use "one's"?

One can only wonder how: It can be difficult to follow in the footsteps of one’s predecessors even if that is one’s greatest desire. 
OR
It can be difficult to follow in the footsteps of your predecessors even if that is your greatest desire.

The question here in the use of "one's".

It is my understanding that the use of 'one's' is used when writing to a more formal group. So the question is: "Who are you writing to?" Are you writing to a professor or are you writing to a group of generally educated to the eighth grade level of readership? If the former is who you are writing to and presumably a higher class of readership, than the use of 'one's' in your writing is correct. but if you are writing to the general readership, the second without the use of 'ones' would be correct.

It's FORMAL analytical essay for my instructor - so the use of 'one's' is correct.

Thus my question of the use of 'one's' is concluded.