Mistakes To Avoid In Your Estate Plan
Creating an estate plan is very important to ensure that your final wishes are fulfilled. However, there are many common mistakes people make when creating their plan, and it is just as critical that you avoid these.
Any mistake in your estate plan can lengthen the amount of time your estate is tied up in the probate process. An error can also result in the court deeming an aspect of your plan, or the plan in its entirety, unenforceable. A Daytona Beach estate planning lawyer can ensure no mistakes are made in your plan and our experienced attorney outlines some of the most common ones we see below.
Not Updating Your Estate Plan
Creating an estate plan is a very responsible thing to do but once your plan is in place, the job is not done. Any change in your situation, tax law, or in your family will require that you update your estate plan. If you do not make certain changes, your intended beneficiaries may not receive property you wanted to leave to them, or people you wanted to disinherit may receive part of your estate.
Failing to Understand the Laws Around Wills
Many people create a will because they have property they want to pass onto others. If you have a family heirloom, for example, you may want to leave it to your child. As long as the will is drafted properly, this is not going to present an issue. There are certain types of property you cannot include in your will, though. For example, if you jointly own property with someone, it will automatically pass to them if you pass away. Likewise, if you leave property in a trust to someone, you cannot will it to another person.
Not Creating a Revocable Trust
Revocable trusts have many benefits. You can transfer assets into a trust throughout your lifetime and any property within the trust does not have to go through probate after you pass away. Unfortunately, many people fail to consider revocable trusts or they are not even aware of them and so, they do not create one and cannot reap the benefits.
Failing to Create a Living Will
Estate plans are effective as soon as you create one, not just once you pass away. Estate plans can help with many future scenarios, including if you become incapacitated and unable to make important decisions for yourself. A living will can outline your wishes so your loved ones do not have to make these decisions on their own.
Not Contacting an Estate Planning Lawyer in Daytona Beach
You can create an estate plan on your own, but many people are not familiar with the exact laws regarding estate planning. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer will ensure your estate plan is in accordance with the law and draft the legal documents you need. Call or text us today at 386-252-5170 or chat with us online to request a free review of your case and to get more information.