Avoid These Four Common Mistakes When Estate Planning

Drafting a will and creating an estate plan is one of the most responsible things anyone can do. Taking these steps can make sure your loved ones are taken care of after you pass away and reduce the stress on your loved ones during their time of grief. However, rushing to get these documents in place is not enough to ensure your family is protected. You must carefully create an estate plan so you can avoid some of the most common mistakes made. Below, our Daytona Beach estate planning lawyer explains how to do this.

Not Getting Legal Advice 

A quick search online will take you to make forms and online software programs that claim to allow you to create your own estate plan. However, if you use these it can result in many mistakes being made that may even have your entire estate plan deemed unenforceable by the courts. It is important to speak to a Daytona Beach estate planning lawyer who will ensure your plan is drafted properly and that it includes all of the tools that will provide the protection you need.

Not Updating Your Plan 

Once you have created an estate plan, you may think you can simply forget about it. This is very common, but it is also a big mistake. There are many changes that can happen in life and when they do, your estate plan will most likely be affected by them. Any time there is a major life event such as a birth, death, marriage, or divorce, you should review your estate plan. Even without these changes, you should still review your estate plan every three to five years to make sure it still reflects your wishes.

Failing to Understand Your Will 

Your will is a very important document but you may not fully understand it. For example, your will only affects assets that are solely in your name. Any assets that are jointly owned are not affected by your will. If you include jointly held assets in your will, it may deem the entire document unenforceable. To avoid this mistake, always work with an attorney who can make sure you fully understand its terms.

Not Creating a Revocable Living Trust 

When you create a revocable living trust, the property within it does not have to go through the probate process and so, your beneficiaries can receive their inheritance right away. Still, these trusts are not appropriate for every situation. If your lawyer recommends creating a trust, it is just as important that you fund it or it will not serve its intended purpose.

Contact Our Estate Planning Lawyer in Daytona Beach Today

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you draft your plan and ensure no mistakes are made so your future and loved ones are properly cared for. Contact us today by calling 386-252-5170 or contact us online to schedule your case evaluation and to get the legal advice you need.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html