Estate planning mistakes can create uncertainty and division among your loved ones, and prevent your property from going to your intended beneficiaries. . Once you move to Florida after you retire, you should take steps to ensure that your estate plan is in order so that your heirs and beneficiaries don't have to worry about your estate when you pass away.
#1: Including ineligible items in the will
A will does not govern some items. Financial accounts and life insurance policies have specific forms on which you name the beneficiary. The person listed as the payable upon death designee is the person who gets these accounts. If you have these accounts, they cannot be including in your will.
#2: Not learning about how trusts can help you
Trusts can help you to distribute assets in the manner in which you intend. There are various types of trusts, each of which has a different purpose. Think carefully about your goals. Learn about the options that can help you reach those goals.
#3: Forgetting powers of attorney designations
You can choose a person to make decisions for you when you can't make them for yourself. Powers of attorney designations are crucial in your estate plan. You can choose a person who makes medical decisions for you and a person who makes financial decisions for you.
#4: Not thinking about whom you name as trustee or personal representative
You might think that a family member is the best trustee or personal representative for your estate. This likely isn't the case. Even if you have a family member who is qualified, he or she might not want to play "bad guy" when there are issues that come up with the estate. Instead, you should opt to name someone who won't mind having to handle these issues.
#5: Not regularly reevaluating your affairs
Your estate plan isn't something you can create and forget about. You need to reevaluate the plan on a regular basis. An annual review is crucial. Reviewing it when you have major life changes, such as marriage, divorce or a change in your financial situation helps to keep the estate plan current.