Florida Estate Planning: Avoid These Estate Planning Mistakes
An estate planning attorney sees a number of common estate planning mistakes made over and over again, and while some of these may seem small, they can have a big impact on your heirs.
Usually, these mistakes are made by people who use “do-it-yourself” estate planning websites or forms in an effort to save money. Without professional guidance, going this route usually causes more problems than it solves.
Here are some of the most common estate planning mistakes that you should avoid:
• Selecting a guardian or guardians for minor children who live far away, and not providing any instruction for a temporary guardian;
• Putting your estate planning and other important financial documents in a “safe place” and neglecting to inform anyone of where they are;
• Not leaving any written documentation of your assets;
• Neglecting to leave a list of your online accounts and passwords;
• Not naming recipients of heirlooms and mementos and just letting the family figure it out after you are gone;
• Not designating beneficiaries by name on retirement accounts, life insurance policies, and other similar assets;
• Never reviewing or updating your estate plan or trusts;
• Neglecting to name contingent beneficiaries;
• Designating just one trustee or agent, without any alternates;
• Neglecting to fund your trust properly;
• Not doing any estate planning, thereby leaving it up to the state to decide how to distribute your assets.
