Planning for the future is an important and beneficial task for adults of all ages. Regardless of age, income level or health status, it is beneficial for each Florida adult to have an estate plan in place to ensure that they have the final say over what happens to their personal property and their medical care in the future. However, each person creating an estate plan should avoid certain mistakes that could negatively impact their efforts.
Missteps to avoid
Many people are unaware that there may be mistakes in their estate plans. These missteps may not become apparent until it is time to settle the estate, and loved ones may be left trying to navigate unexpected complications. Some of the most common estate planning mistakes include:
- Failure to update estate plans after major life changes, such as a divorce or remarriage
- Not updating beneficiary designations as needed or not drafting important documents as part of the estate plan
- Forgetting to include digital assets in one’s estate plan or leaving out important details
- Improperly storing estate planning documents or not informing loved ones of plans
These mistakes may not seem like a major issue, but they can all lead to problems when it is time to settle the estate or enact the plans.
It is possible to avoid mistakes when creating or updating an estate plan. A simple way to ensure that estate plans are as up-to-date and accurate as possible is to work with an experienced attorney. Assessing one’s current plans and other details will determine what changes and additions are necessary.