Four Estate Planning Mistakes To Avoid
Contrary to what many people believe, estate planning is not only for the aging or the very wealthy. If you do not have an estate plan, state law will make all of the decisions for you including how your property will be distributed, how your finances will be handled if you become incapacitated, and who will act as guardian for your children. Whether you plan to create an estate plan or already have one, below are four common mistakes to avoid when preparing your estate plan.
Believing You Only Need a Will
A will should be the foundation of your estate plan. Your will stipulates how you want your property to be distributed upon your death, and you can also leave sentimental property to specific people. Within your will you can also designate a guardian for a disabled adult or a minor child.
While wills have many purposes, they also have their limitations. Wills do not address incapacitation or who can make decisions for you if you cannot make them for yourself. To handle circumstances involving incapacitation, a person should also have certain documents called advance directives in place.
One advance directive is a durable power of attorney, which gives someone you trust the authority to manage your financial affairs if you are unable to do so. Your power of attorney can take care of all financial matters, such as purchasing or selling real estate, or you have the ability to limit the decisions they make.
Another type of advance directive is a health care surrogate designation. This document appoints a person to make medical decisions for you if you become incapacitated.
Not Including Digital Property
People spend a great deal of time online today. You may shop and bank online, send emails or text messages, upload pictures, and post to social media. It is important to address how you you’re your digital property handled upon your death. You will want to ensure that the person administering your estate is able to access your digital assets. It is important to determine how you want your accounts handled, such as whether you want them deactivated or you want your account memorialized.
Failing to Update Your Estate Plan
Creating an estate plan is important, but it is of equal importance that you update it regularly. If you do not update your plan, it can create ambiguity and confusion regarding your final wishes, or it may be outdated if there has been a change in circumstances. It is recommended that you update your estate plan after any major life event such as a birth, death, marriage, or divorce. Even without these major life events occurring, you should still revisit your estate plan every three to five years to ensure it complies with current law and that it reflects your wishes.
Not Contacting an Estate Planning Attorney in St. Petersburg
Online templates and forms may seem convenient, but they do not replace the help of an experienced St. Petersburg estate planning attorney. At Legacy Protection Lawyers, LLP, our attorneys can advise on the documents you need, ensure they are executed properly, and that your final wishes are fulfilled. Call us now at 727-471-5868 or contact us online to schedule a consultation and to get the legal advice you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
