The intent of planning for the future is to have a measure of control over specific matters after passing away, such as the distribution of personal assets. Creating an estate plan allows Florida adults to decide what will happen to their property and with their health care needs, but certain pitfalls could impact the effectiveness of their plans. It is prudent to have a careful review of plans in order to eliminate potential problems and protect the interests of heirs and beneficiaries.
What could go wrong?
Many problems with estate plans are not evident until it is time to execute certain plans or after the testator passes away. The following are common issues that could lead to complications with an estate plan:
- Leaving multigenerational bequests, including leaving assets to minors. This may not be legally allowed depending on the ages of the recipients and other factors.
- When a parent adds an adult child to his or her bank account, it could cause issues after the parent’s passing as the joint owner will resume sole ownership of account assets.
- When a spouse or adult child remains in the home, it could lead to disputes over ownership, especially if other family members wish to sell the property.
Many issues with estate plans are preventable or easily remedied with the help of an experienced attorney.
Creating a solid plan
It is worthwhile to seek an assessment of all existing plans in order to have a clear understanding of whether changes need to be made. This can help a Florida adult minimize the chance heirs and beneficiaries will experience complications in the future. Avoiding pitfalls in an estate plan benefits every member of the family.