How to Avoid Common Estate Planning Mistakes
When ensuring that your property is managed according to your wishes and making sure that your wishes are fulfilled, both throughout your lifetime and afterwards, drafting an estate plan is critical. However, the process is complicated and if you do not have legal guidance, it is easy to make mistakes and even the smallest of these can have a long-lasting impact on you and your family. Below, our Tampa estate planning lawyer outlines important tips on how to avoid some of the most common mistakes.
Procrastinating
One of the biggest mistakes people make in estate planning is simply waiting too long. Although many people often like to think they have plenty of time, no one knows what will happen in the future. If you pass away or become incapacitated, you will not be able to create an estate plan and your wishes may not be respected.
Doing it Yourself
People are often tempted to save on the costs of estate planning by doing it themselves. With the number of online websites providing basic forms, it is easy enough to find a form for a will, power of attorney, or other estate planning documents. This is a mistake, though. The forms on these websites often do not account for specific state laws, meaning they are not always legally valid or enforceable. Instead, work with a Tampa estate planning lawyer. An experienced lawyer can ensure that you have a comprehensive plan customized to your situation and that your documents are legally valid.
Not Funding a Trust Properly
Establishing a trust is a great way to distribute property to your loved ones without the need for probate. However, creating a trust is not enough. You must also fund it, which means transferring property into it. If you do not properly fund a trust, the trust’s value is significantly diminished. A lawyer can advise on how to transfer assets into a trust, as different types of property have different requirements.
Not Naming Beneficiaries
Naming your primary beneficiaries may seem obvious. For example, you likely want your spouse, children, and others to inherit from your estate. Again, though, no one knows what the future holds. It is important to not only name primary beneficiaries, but contingent beneficiaries, as well. This will ensure that if you outlive your primary beneficiaries, your property will still be distributed according to your wishes. Without these designations, your will or other estate planning documents may be rendered void and your property will be distributed according to state law. This may not align with your wishes.
Not Working with an Estate Planning Lawyer in Tampa
There are many aspects of estate planning and they all require attention to detail and knowledge of the law in Florida. At Messina Law Group, P.A., our Tampa estate planning lawyer will ensure that you avoid the above common mistakes, and others, that negatively impact these plans and nullify the protections that were put in place. Call us now at (813) 492-7798 or fill out our online form to request a consultation and to get the legal help you need.
Source:
flsenate.gov/laws/statutes/2000/732.2025
