Florida adults of all ages and income levels could benefit from the protections provided by a thoughtfully prepared estate plan.
Issues with your estate plan could lead to complications for your loved ones and beneficiaries when it is time to settle your estate. It is important to understand common estate planning mistakes so you can avoid them. It is worthwhile to review plans and think carefully about all decisions that could impact your future or your loved ones.
Common estate planning missteps
When it comes to estate planning, the biggest mistake you could make is failing to have a plan in the first place. If you die without a will, state laws will determine what happens to your property. Other common estate planning missteps include:
- Failing to update your will after major life changes, such as the birth of a new child, a death in the family or divorce
- Not planning for the potential to have a disability at some point in the future
- Failing to take steps that would reduce the taxes associated with your estate
- Naming the wrong person to act as the executor of your estate
- Waiting too long to make your plans and draft important documents
- Not listening to or seeking the advice of legal and financial professionals
Any of these mistakes and others could lead to problems in the future. A thorough assessment of your estate will reveal if you’ve committed any missteps that you need to address.
Peace of mind
An updated and complete estate plan can provide you and your loved ones peace of mind. While you cannot control what happens in the years to come, you can take legal steps that will allow you to feel confident about your finances and potential medical needs.
If you do not have a plan or wish to make a plan that suits your individual needs, you may find it beneficial to discuss your concerns with an experienced estate planning attorney as soon as possible. When it’s your future at stake, there is no time to lose.