Individuals who wish to pass assets to their heirs after death may wish to take the proper steps to ensure that their wishes are honored. Estate planning can help ensure that individuals can pass along wealth and assets in exactly they way they intend. Florida residents may want to take note of common tips to avoid estate planning mistakes.
When making an estate plan, the easiest mistake to avoid is not having one. Once an individual is ready to plan, he or she should get started right away or face the risk of dying intestate. If a person dies without estate planning documents in place, he or she risks losing control of how the assets are allocated after the death. The estate will then fall under state law, and surviving family members will need to go through the court process, which can be difficult and costly.
Once an individual has drafted the plan, he or she will want to ensure that all documents match, including beneficiary designations and transfer-on-death accounts. If a significant life change occurs, such as a marriage, death or addition to the family, an individual should plan to revisit the plan and make any needed updates. In the event of a person’s disability, having power of attorney documents in place can ensure that business decisions continue to be made in line with the person’s wishes.
A missed document or oversight in the estate plan can make the transition more difficult for an individual and his or her family. When proper documents are in place, the final wishes of the individual can be honored and the family legacy preserved. An individual in Florida who needs more help covering all the bases may wish to reach out to an experienced estate planning attorney for more guidance.
Source: marketwatch.com, “7 common estate planning disasters and how to avoid them“, Michael Feinfeld, April 26, 2018