Common Estate Planning Mistakes To Avoid
An estate plan is a complex but comprehensive plan that can provide your loved ones with peace of mind and ensure that they are cared for after you pass away. An estate plan is a great way to plan for the future but too many people make common mistakes that negate the very protections they were meant to implement. Our Daytona Beach estate planning lawyer explains in greater detail below.
Not Creating a Plan
Of course, the biggest mistake is failing to create an estate plan at all. Unfortunately, it is also one of the most common mistakes made. Failing to have a plan in place not only places your property at risk, but it can also negatively impact your loved ones. It is a myth that estate plans only protect your assets. They can also protect your loved ones, and you if you ever become incapacitated.
Only Planning for Certain Assets
When you embark on estate planning, you may have certain property, such as a vehicle or real estate, you want to protect. This is a mistake because not all property is permanent. You may sell your home or your vehicle at some point during your life and this can impact your entire plan if you have largely focused on a certain asset. Instead, make sure to include all of your property in your plan so you do not have to make extensive changes to your plan in the future.
Not Including Digital Assets
Today, we live in a digital world. Unfortunately, too many people forget to include digital assets such as social media profiles, assets, and cryptocurrency wallets. If you fail to include these in your estate plan, the court will determine how they are distributed and this may not align with your wishes.
Not Considering Incapacity
It is critical that you are in good health when drafting a will and other estate planning documents. This can ensure that they are enforced if they are ever necessary. However, when you are in good health, it is difficult to imagine that there may be a time when you are not. Still, it is important to plan for incapacity. If you are ever unable to make decisions for yourself and you do not have a power of attorney or other documents in place, the court may make the decision for you.
Failing to Update Your Plan
Estate planning is not a set-it-and-forget-it task. It is critical that you review your plan every three to five years to ensure that it still reflects your wishes. Updating your plan is also important after major life events such as births, deaths, marriages, and divorces. This will ensure that your beneficiary destinations are still accurate and that all property is included.
Our Estate Planning Lawyer in Daytona Beach Can Help You Avoid Mistakes
At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you avoid the above mistakes and any others that may interfere with your wishes. Call us today at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
flsenate.gov/laws/statutes/2000/732.2025
