Common Mistakes To Avoid When Planning Your Estate
Drafting a will, trust, and other estate planning documents is an important step to take in the event that you become incapacitated or pass away. Unfortunately, there are common mistakes people make and these have a negative impact on them, and their loved ones after they pass away. Below, our Daytona Beach estate planning lawyer outlines some of the most common mistakes we see, and how you can avoid them.
Not Updating Your Plan
After you have drafted your estate plan, you may think you do not need to think about it any longer. However, if you simply keep it in a safe place and never review it, your family may not have the protection you had intended to provide for them. Generally speaking, estate plans should be reviewed with an estate planning lawyer every three to five years. This will ensure it complies with the current law and allow you to determine if there has been a change in assets or your family situation.
Including Certain Types of Property in Your Will
Your will only controls property that is solely in your name. Property that has designated beneficiaries, such as life insurance policies, will be distributed directly to them after you pass away. Property that is jointly owned with another person will also transfer directly to them. It is important to create a list of all the property you own, and to know how your estate plan will or will not affect them.
Not Considering a Trust
Trusts have many benefits over other estate planning documents, such as wills. However, they are not appropriate for everyone. It is important to consult with a Daytona Beach estate planning lawyer who can inform you about trusts, the property you may want to place in it, and the type of trust that is right for you.
Not Funding a Trust
A trust may be right for your personal situation but it is only beneficial if you fund the trust. Funding a trust means placing property into it. If you do not fund the trust, you and your family members will not benefit from it in the way you intended.
Failing to Draft a Living Will
A living will is important so your family members can understand your end-of-life wishes. While you should speak to your loved ones about these wishes, drafting a living will makes your wishes official and can save your family members from having to make very difficult decisions.
Not Working with an Experienced Estate Planning Lawyer in Daytona Beach
Although there are many templates and forms online that claim to help you create a plan on your own, this is a mistake. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer will make sure no mistakes are made in your plan so it provides protection for you and your family now, and in the years to come. Call us now at 386-252-5170 or contact us online to schedule a free consultation with our experienced attorney.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
