Estate planning probably seems easy enough. What could be hard about writing down one’s assets and who should have them? In reality, creating an estate plan is about much more than passing on property and inheritances. Here is a common mistake people in Florida often make when estate planning.
Other than not making an estate plan at all, the next biggest mistake is never looking at it ever again. Life changes, which means that the contents of a person’s estate plan might no longer be relevant several years later. The named beneficiary on an insurance policy might no longer be alive, or a person might have acquired new assets that need to be included. To avoid making this mistake, people should try and review their estate plans around once a year.
Minimizing the possibility of making a mistake is important. There are several steps that a person can take in order to do so. When creating estate plans, individuals should pay careful attention to beneficiary designations, powers of attorney, living wills and the contents of a will. While a person might catch one of these mistakes during an annual review, it is better to try and avoid mistakes altogether. After all, a person cannot amend a mistake if he or she has already passed away.
A comprehensive estate plan consists of many different documents, including wills, powers of attorney and more. While this helps ensure that a person’s final wishes are upheld and respected, it can be surprisingly easy to make both minor and significant mistakes. People can take a number of different steps to try and identify and avoid mistakes, including creating an estate plan or reviewing it alongside a Florida attorney.