Assuming too much or too little can lead to estate planning errors. While estate planning is often based off of assumptions for one’s future, making the wrong assumptions can be costly for oneself and one’s loved ones. An estate planning attorney can help those in Florida who are preparing their estate plans make the best decisions possible for their situations and adjust plans as necessary in the future.
One of the hardest things to plan for is simply trying to determine how long someone might live. In general, people are living longer than they used to, and need to have some sort of long-term care plan in place. Unfortunately, this is something for which numerous individuals fail to prepare. Costs of long-term care can be astronomical, and not all individuals have or keep long-term care insurance policies. Setting aside funds to make sure one is taken care of in the event of incapacitation is a must.
Another common estate planning mistake is choosing the wrong kind of trust. There are different trusts that can be set up for specific purposes. Revocable trusts, for example, are typically used to protect a person as he or she ages and may fall victim to elder abuse, identity theft and other issues. It places at least one person in charge of the estate, who is responsible for how the estate is administered during and after one’s death; however, heirs may question a trustee if questionable actions are taken. To help with this, a trust protector must be named.
These are just a few issues that need to be addressed during the estate planning process. Unfortunately, it is hard to know exactly how the future will play out. Fortunately, an estate planning attorney can help Florida residents make the best assumptions based on their current situations and future goals. If necessary, modifications can be made to estate plans in order to address any concerns that arise.
Source: nasdaq.com, “Estate Planning Errors: Assumptions Advisors Get Wrong”, April 5, 2016