Common Misconceptions About Estate Planning In Florida

Many people understand the importance of estate planning, but they still put it off for many reasons. Sometimes this is because they have believed one, or more, of the many misconceptions that have evolved over the years regarding estate planning. It is important to know what these misconceptions are, and the truth behind them, so they do not prevent you from creating your plan. Below, our St. Petersburg estate planning lawyer explains in greater detail.

I am Young and Do Not Need an Estate Plan

Unforeseen circumstances do not wait until you retire. Regardless of your age, you need an estate plan if you have property, children, or preferences for the health care you do or do not receive. Creating a plan early not only ensures that your wishes will be respected, but also that you have a plan you can tweak as your life changes.

I Only Need a Will

Wills are an important part of any estate plan but it is not the only tool you should use. You may also consider a healthcare surrogate designation, a power of attorney, and possibly even a trust. These estate planning tools are particularly important if you want to plan for incapacity or help your loved ones avoid probate.

Everything Will Go to My Spouse or Kids Anyway

It is true that the intestacy laws in Florida heavily prioritize surviving spouses and children. Still, it is important that you put all of your wishes in writing to avoid delays, unintended outcomes, and disputes among your loved ones. Additionally, the intestacy laws will not protect you if you become incapacitated in the future.

I Can Use the DIY Forms Online

There are a number of do-it-yourself (DIY) templates for estate planning online but using them is a mistake. These forms are generic and do not account for the laws specific to Florida. Additionally, if you make even the smallest mistake or unintentionally use vague language, the document could be deemed void or contested.

I am Not Wealthy and Do Not Need a Trust

This misconception may be due to the fact that the media often depicts trust fund kids as having wealthy parents. Wealth is not a requirement to establish a trust, though, and there are several reasons to establish one. These include helping your loved ones avoid probate and keeping the details of your property and circumstances confidential.

I Only Have to Plan My Estate Once

Yes, technically you only have to plan for your estate once during your lifetime. However, you should also not treat your plan as a ‘set it and forget it.’ You should review your plan any time there is a major life change to confirm that it still reflects your wishes. Even without life changes, it is recommended that you review your plan every three years to make sure it is current.

I Do Not Need an Estate Planning Lawyer in St. Petersburg

At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can advise you of the estate planning laws in Florida, execute your documents correctly, and help ensure that your legacy is protected. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more.

Source:

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