Five Common Estate Planning Mistakes To Avoid

It is essential for all adults in Florida to have an estate plan. It is a common misconception that estate plans are only for the wealthy or the aging. An estate plan that your property is distributed according to your wishes, even if you only own a vehicle or bank account. You can also name a guardian for your children and much more.

However, creating an estate plan is not always easy and common mistakes are made. If you make mistakes in your estate plan, a judge may deem it void and you and your family may not have the protection you had intended. Below, our Daytona Beach estate planning lawyer outlines the five most common mistakes made, and how to avoid them.

Not Creating a Plan 

Of course, one of the biggest mistakes you could make is not creating a plan at all. Without a plan, your property will be distributed according to state law and that may not align with your wishes. You may also not have the protection you need, such as if you suddenly become incapacitated. These are all consequences of not having an estate plan. Avoiding this mistake is rather easy, as you just have to contact an attorney and start drafting your plan.

Not Regularly Updating Your Plan 

Too many people create a strong estate plan and then never think about it again. This is a mistake. Over time, your circumstances may change and so should your estate plan. Major life events such as births, deaths, marriages, and divorces, can all have a significant impact on your estate plan so it is important to review it after any of these events. Even without a major life event, you should review your estate plan every three to five years.

Not Planning for Digital Property 

Many people fail to consider their digital property when creating their estate plan. This includes social media profiles, digital investments, and online banking. Your estate plan should clearly outline how you want this property handled, and how your loved ones can access it.

Not Planning for Incapacitation 

Your estate plan does not only protect your family. It can also protect you if you ever become incapacitated and cannot make decisions for yourself. A healthcare surrogate can make medical decisions for you, while a power of attorney can make financial decisions on your behalf. If you do not draft these documents, the court may determine who will make decisions for you.

Choosing the Wrong Trustee or Personal Representative 

The trustee of your trust or the personal representative in your will has a very important role in administering your estate. If you do not choose someone who is trustworthy or capable, it can result in estate mismanagement, which can greatly harm your beneficiaries and heirs.

Our Estate Planning Lawyer in Daytona Beach Can Help You Avoid Mistakes 

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you create the important documents you need and ensure no mistakes are made so your wishes are respected. Call us today at 386-252-5170 or chat with us online to schedule a consultation and to learn more about how we can help.

Source:

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