If you are like many other Florida residents, you might think that having a will or a trust is not necessary if you are still relatively young. Maybe you have been meaning to draft an estate plan but just haven’t gotten around to it yet. Whatever your hurdle, it is worth making estate planning a priority. The reality is that everyone can benefit from a properly created estate plan whether your estate is large or small. In fact, Investopedia suggests that the lack of any estate plan could be the biggest mistake anyone makes.
Among the many reasons to put your post-death wishes in writing is the ability to prevent unnecessary conflict between your surviving family members. The less that is left up to their discretion, the better chance they have of maintaining peace after you are gone. Before you embark upon the process of setting up a trust or a will, it can be helpful to review some mistakes often made by people. Avoiding these pitfalls can help you greatly down the road.
According to Accounting Today, it is vital that you do not consider your will or trust to be the only document you need in order to secure your future plans. For example, if you set up a trust, you will need to ensure that all assets held in the trust are re-titled so that the trust is the named owner. Beneficiaries on assets like life insurance policies must also be updated properly to match the stipulations in a will or trust.
This information is not intended to provide legal advice but general information about common mistakes people make when estate planning in Florida.
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