Mistakes To Avoid When Estate Planning
For many people, it is easy to procrastinate when it comes to estate planning. Estate planning is also something that should never be rushed, as that can result in many mistakes. Even the smallest mistake made in your estate plan can undo all of your hard work and result in important documents being deemed void by the courts. If you are considering your plan, it is critical that you work with a Volusia County estate planning lawyer who can help you avoid the common mistakes made so your wishes are respected.
Not Communicating Your Wishes
It is important to tell anyone included in your estate plan about your wishes. You should speak to your personal representative, your agent, and your successor trustee. Informing them of your wishes can help ensure they are respected, while also informing others of their responsibilities. Making sure these individuals are informed will eliminate the element of surprise, which can ultimately reduce the possibility of disputes and litigation.
Not Appointing Successors
If you draft a revocable trust, you will have to name a successor trustee who will administer the trust upon your death. However, you should name other successors, as well. While no one wants to think about it, your personal representative, power of attorney, or others may pass away before you. It is important to name a successor trustee who can take over important tasks if the first designated person is unable to fulfill their responsibilities.
Not Funding a Trust
Trusts are legal documents that can protect your property from the probate process. To ensure this happens, it is critical that you fund the trust properly, which requires you to retitle the property into the name of the trust. If you do not take this step, the property within the trust will likely be subject to probate, which can reduce the assets in your estate and take longer to distribute the assets to your beneficiaries.
Not Updating Your Plan
Many people create an estate plan and then place it in a safe location and forget about it. However, the only constant in life is change and as life changes, so too, should your estate plan. After any major life event, such as a birth, death, marriage, or divorce, it is critical to review your estate plan to determine if any changes have to be made. If you do not do this, your wishes may change over time, but your estate plan will not reflect those wishes. Even without a major life change, you should review your plan every three to five years to ensure it still aligns with your preferences.
Our Estate Planning Lawyer in Volusia County Can Draft Your Plan Properly
Our Volusia County estate planning lawyer at Bundza & Rodriguez can help you create an estate plan without any mistakes so it provides the protection you intend for you and your family. Call us now at 386-252-5170 or chat with us online to schedule a consultation with our experienced attorney and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
