It is vital for ensuring your family members are financially secured if something unexpected occurs to you. Yet, even the smallest mistakes can cause your family to lose precious time, add unnecessary tension as well as sabotage your future legacy. Below are some of the frequent estate planning mistakes that to avoid in planning your family’s future
not planning ahead
One of the biggest mistakes when it comes to estate planning is not thinking about your estate. Sometimes the situation may not be an issue since many states have laws on intestacy that provide an “default” planning for estates in which all assets will go to closest relatives of the deceased. But, anyone that isn’t a family member cannot be legally entitled to your property or possessions; i.e. friends, domestic partners, and boyfriends/girlfriends. In contrast, if you are unsure whether or notwant specific relatives to inherit your wealth, you’ll be required to explicitly spell your loved ones out of a will. If you die without any will, trust, or related relatives or assets, the property will be transferred into the hands of the government.
Not updating the Estate Planning of Your Beneficiary
A will is typically developed between 20 and 30 years before the date of death. In between your life can drastically change. It is possible that you have a baby, or you might be married, or one of the beneficiaries you plan to name could die before you. Perhaps you have relocated from your residence but did not include the name of your property you moved to the trust you have set up. It’s true that Florida is an extremely popular place for retirees . Be sure that you include your newly acquired Florida home to your trust , if you want that your beneficiaries take it over. It’s important to revise your estate plan following any major change in your life to ensure there’s no doubt about what you intend to do after the plan is put into the force of law.
The Trust You Have Funded
Trusts are a very common estate plan but the trust needs to be and properly funded in order to operate. If you create an trust and fail to include your assets in the trust, it won’t function in the way you intended. If you take items from your trust and do not add the additional assets this trust could not be functioning as it should.
The beneficiaries of your trust may need more money than you anticipated. A beneficiary who has disabilities, for instance, an autistic child, might require greater treatment and focus. It is important to arrange for the trust to take care of the special needs of these beneficiaries.
Do I need an attorney if I am dealing with probate within Florida?
Each state has its own probate rules and provisions which are specific to the region. It could be beneficial to work with an Florida estate lawyer if require assistance with the process of probate. An attorney will provide legal counsel and assistance as in the administration of the estate of your loved person or get your inheritance.