The process of planning for the future can be complex and overwhelming for a Florida adult who does not have legal experience. While DIY estate planning is popular, it can lead to mistakes that may cause complications and stress for families in the future. It is prudent to have the guidance necessary to avoid certain missteps that are common yet potentially costly.
Common mistakes in estate plans
Considering the future is difficult, especially when it comes to contemplating one’s own mortality. Many people avoid estate planning because they don’t think they need it or they don’t want to think about what will happen after their death. Failing to have a plan is the most significant and common estate planning mistake. Other mistakes include:
- only naming one child as a beneficiary on certain types of accounts
- failing to update estate plans after life changes, including divorce, remarriage or the birth of children
- naming an individual who is not responsible or appropriate to act as a beneficiary on an account
- failing to have a contingency beneficiary in case he or she passes away or declines
Mistakes in estate plans are often not noticeable until it is time to settle the estate or use certain documents. At this point, it is often too late to avoid complications.
Experienced guidance is prudent
Because of what is at stake in an estate plan, it is important for a Florida adult to work with an experienced attorney. This is true whether updating a plan or creating one from scratch. This guidance can help one avoid problems and mistakes in estate planning that may lead to long-term difficulties.