Six Common Details People Overlook In Estate Plans

People often embark on estate planning to create a clear path for their property and to give their loved ones peace of mind after they pass away. In Florida, property often includes real estate, vehicles, and personal belongings that have both financial and sentimental value. Although many people take the important step of drafting a will or trust, there are often many details people overlook when drafting a comprehensive plan. Below, one of our St. Petersburg estate planning attorneys outlines six of the most common.’

Failing to Place Real Estate Into a Trust 

For many Floridians, their home and investment properties are the most valuable assets they own. To ensure that these properties are not subject to probate, it is critical that they are placed into a trust. To do this, the title of the property must be transferred from the name of the current owner into the name of the trust.

If real estate is not placed into a trust, the probate courts may freeze it, preventing heirs from living in it or selling it. While this is often not a concern for surviving spouses, particularly regarding the homestead property, it can raise issues for other heirs.

Forgetting to Place Newly Acquired Property Into a Trust 

You can draft a trust and fund it with the property you currently own. If you simply put it away and forget about it, the document may still not protect all of your property. After purchasing a new home, vehicle, or any other type of property, it is important to also retitle it into the name of the trust so it can be distributed right away and is not subject to probate.

Forgetting About Personal Property 

When many people start creating their estate plan, they often first think of property that has significant value, such as vehicles and real estate. However, it is just as critical that you do not overlook personal property, including family heirlooms, jewelry, and more. Even if these items do not have significant monetary value, they are still likely important to your loved ones and leaving clear instructions for them can ensure they are distributed as intended.

Believing Joint Ownership is a Solution 

Joint ownership can help ensure assets directly pass to another person upon your death. However, it does not always align with instructions left in your estate plan. Ownership of assets must be carefully reviewed to make sure it supports your other goals.

Forgetting About Property Out of State 

If you own property in another state, it is likely subject to the probate process in that state. Still, it is important to include these assets in your estate plan to simplify administration.

Not Working with an Estate Planning Attorney in St. Petersburg 

Many people mistakenly believe they can simply use online templates and draft their estate plan on their own. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning attorneys can help you avoid the mistakes that are commonly associated with these generic templates and ensure your plan is customized to your situation. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html