Mistakes To Avoid When Estate Planning
Everyone should create an estate plan so their final wishes are respected and their loved ones are cared for after they pass away. When creating a plan, it is just as important that you avoid some of the most common mistakes people make. Even the slightest mistake can delay probate proceedings for surviving family members, or worse, determine that certain aspects of the plan cannot be enforced. Below, our St. Petersburg estate planning lawyer outlines some of the most common mistakes, and how to avoid them.
Not Updating Your Estate Plan
Unfortunately, estate planning is not a ‘set it and forget it’ task. After you have created a comprehensive plan, it is important to review it periodically and make any changes or updates that need to be made. Your family circumstances may have changed over the years, or an important law that affects your plan may have changed. If your plan does not reflect these changes, your property may not be distributed as you’d like, and your final wishes are not able to be fulfilled.
Including Certain Items in Your Will
Before you create an estate plan, you may know that there are certain assets that you want to leave to loved ones. However, there are certain types of property you cannot include in your will. You can only include assets that are completely in your control. For example, if you jointly own an IRA with your spouse, you do not have complete control of the property and so, you cannot include it in your will. Instead, it will automatically transfer to your spouse if you pass away before them. You also cannot include jointly owned property in a trust, as it too, will automatically pass to the surviving owner. Therefore, it is important to understand how the property is titled when creating your estate plans.
Not Creating a Trust
Creating a trust as part of your estate plan can be a useful way to control how your assets are distributed. You can place property into a trust during your lifetime and retain full control of it. After you pass away, the trust will not have to go through probate, which can make it faster and easier to pass property down to your loved ones. It is important to seek guidance from an estate planning lawyer to understand if a trust is right for your estate plans.
Not Drafting Advanced Directives
It is a common misconception that your estate plan only goes into effect after you pass away. This is not true. An estate plan can help you plan for many things the future may hold, including your own incapacity. There are several types of advanced directive documents, such as durable power of attorney and designated healthcare surrogates, that allow you to ensure a plan is in place if you were to become incapacity during your lifetime.
Not Consulting with an Estate Planning Attorney in St. Petersburg
With so many templates available online, many people mistakenly believe that they do not need to work with a St. Petersburg estate planning attorney. At Legacy Protection Lawyers, LLP, our experienced attorneys can guide you through the process, draft the necessary documents, and ensure no mistakes are made so your plan is comprehensive and reflects your wishes. Call us today at 727-471-5868 or contact us online to schedule a consultation and to get the help you need.
