Estate planning is a process that everyone should go through. It allows you to take control of your assets and plan for what will happen to them after you pass away. However, estate planning in Florida can be complicated, and there are a lot of different things to consider. That is why in this blog we will explore 5 common estate planning mistakes to avoid.
Finding a good estate planning lawyer in Miami, like Joe Pujol at Pujol Law is key, as having an experienced attorney by your side will help you to avoid making common mistakes that can jeopardize the effectiveness of your estate plan.
Let’s discuss five of the most common estate planning mistakes and how you can avoid them.
Estate Planning Mistake #1: Not Having an Estate Plan at All
One of the most common estate planning mistakes to avoid is not having an estate plan at all. Many people believe that they don’t need one because they don’t have a lot of assets or because they’re not extremely wealthy. Estate planning is not just for the rich — the 1 percent.
Who should have an estate plan? The answer is simple: everyone, as all people can benefit from having an estate plan regardless of their income. Even if you don’t have a lot of assets, you probably have some sentimental items that you would want to go to specific people after you’re gone.
An estate plan gives you the ability to control what happens to those assets after your death, regardless of their value.
Estate Planning Mistake #2: Not Updating Your Existing Estate Plan
Another common mistake is not updating your estate plan on a regular basis. Life circumstances can change quickly, and your estate plan should reflect those changes. For example, if you get married or divorced, have children, acquire new assets, buying a new house, you will need to make sure that your estate plan is updated accordingly. If you don’t keep your estate plan up-to-date, it may not be valid when it’s needed most. Choose a trustable estate planning attorney in miami to guide you through the process.
Estate Planning Mistake #3: Trying to Do It Yourself
Maybe you have thought “can I do estate planning myself?” In fact, some people try to save money by doing their estate planning without the help of a qualified professional estate planning attorney in Miami. As a result, loved ones could wind up fighting over the estate in probate court. Estate planning documents in Florida are complex legal documents, and they must be done correctly to be effective.
For example, someone might forget to include a life insurance policy or bank account in their plan. This can lead to costly mistakes down the road if they pass away and their estate is not properly planned. An experienced Miami estate planning lawyer can help you create an effective estate plan that meets your unique needs and protects your interests.
Estate Planning Mistake #4: Not Naming an Executor
When you create a will, one of the most important things that you need to do is name an executor of estate. The executor’s job is to make sure that your wishes are carried out after you die. If you don’t name an executor in your will, the court will appoint someone to do the job — and that person may not be who you would have chosen yourself.
Estate Planning Mistake #5. Not Funding Your Trust
If you create a trust as part of your estate plan, you must fund it properly before your death. This means transferring ownership of your assets into the trust so that they can be distributed according to your wishes after you’re gone. Without proper funding, your trust may not be able to accomplish its purpose.
Why is estate planning important?
Lastly, estate planning is important for everyone because it allows you to take control of what happens to your assets after you die. However, there are a few common mistakes that people make when creating their estate plans. To avoid these mistakes, be sure to consult with a qualified estate planning lawyer in Miami, keep your documents up-to-date, and fund any trusts that you create properly before your death.