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December 2013 Archives

Avoid a common estate planning mistake

One of the most common, yet potentially harmful mistakes Florida residents can make when estate planning is not keeping their beneficiary designations up to date. Because a beneficiary designation takes precedence over a will, it is important for Floridians to review them regularly to ensure they reflect the account holder's intentions.

The importance of keeping estate planning documents current

One mistake that many Florida residents make in relation to their estate planning is not keeping these documents up-to-date. In particular, it is not uncommon for individuals to forget to update beneficiary designations. When someone opens an investment account or sets up a retirement account or life insurance policy, they will designate the beneficiaries of these accounts or plans. It is important to note that these designations override what is in someone's will.

Based estate planning documents that individuals need

Florida residents might like to know that, according to information from RocketLawyer.com, half of people with children and 41 percent of individuals between the ages of 55 and 64 do not have a will. Without a will, it will be up to the state to determine how someone's assets are handled upon their death, as well as who will take care of minor children. Money is usually distributed based on a certain order, which often starts with someone's spouse, then their children and then family. However, a will is not the only estate planning document people need.

Estate planning basics

With more people retiring or relocating to Florida, fewer are taking the necessary steps to ensure their family's future with an estate plan. Though estate planning can be an essential part of setting up loved ones for a stable financial future, it is often difficult and uncomfortable to talk about, and many put it off as a result.

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