When planning out end-of-life matters, many individuals in Florida and elsewhere may make mistakes that could potentially cost their loved ones quite a bit in the future. Estate planning does not have to be a difficult process. However, there are certain things that really should be included or considered in an estate plan that numerous people may overlook, be unaware of or simply feel are unnecessary.
One of the first mistakes one might make when planning an estate is doing it alone. Yes, there are different programs available or forms that can be found online that allow individuals to write out their own documents, but there is a great deal of risk in taking this approach. There is wisdom in seeking out an experienced estate planning attorney to help with this process in order to ensure all appropriate protections have been put in place. Without these, beneficiaries may end up paying a significant sum in taxes and fees, greatly reducing their inheritances.
The next common mistake numerous people tend to make is failing to update their estate plans. A lot of things in one’s life can change in a short period of time. Life events can greatly change how one would like or need his or her estate to be administered.
These are just a few things that can make or break an estate plan. Estate planning, when done correctly, should produce documents that are clear, legally binding and up-to-date. With legal assistance, Florida residents can make sure that this is what they are getting and that their beneficiaries will receive the maximum benefit as a result.
Source: napavalleyregister.com, “Will you avoid these estate planning mistakes?“, Tom and John Mills, Feb. 14, 2016