
Did you know that while Florida estate planning is one of the most important steps you can take to protect your family and assets, it is also an area where simple mistakes can have costly consequences? Have you reviewed your estate plan recently? Or, are you still waiting for the right time to create one? If you have not reviewed it in the last year or you are waiting for that “perfect moment”, unfortunately, you could unknowingly be making errors that may lead to unnecessary taxes, family disputes, and even missed opportunities.
In our experience we find that estate planning mistakes, such as forgetting to update your trust agreement when a new grandchild is born or failing to check in with your experienced Florida estate planning attorney to learn more about changing laws, are more common than you might think. Fortunately, most of these errors are easily avoidable with a proactive approach and expert legal guidance.
One of the most frequent estate planning mistakes is failing to update your plan after major life events. These can include, but not be limited to, any of the following:
• Marriage,
• Divorce,
• Retirement,
• Job changes,
• Moving to a new state, or
• The birth of a child or grandchild.
Another common mistake is not funding your trust agreement. One of the goals of creating a trust agreement, whether revocable or irrevocable, as a part of your Florida estate plan is to ensure you avoid the probate process. When you do not ”fund”, in other words retitle, your assets into your trust agreement you may be leaving your assets exposed to probate and your creditors. This may not only delay the distribution process of your hard-earned assets but it may also expose you to unnecessary conflict. Your experienced Florida estate planning attorney can help you navigate these potential threats to your estate to ensure that you, your loved ones, and your legacy are protected both now and well into the future.
Further, overlooking tax-saving opportunities, such as annual gifting or charitable contributions, can also impact the value of your estate. By protactively meeting with your experienced estate planning attorney, you can ensure these strategies are incorporated effectively, helping to minimize tax liabilities while supporting loved ones or meaningful causes. Together, you can both preserve your wealth and ensure your wishes are fulfilled.
In addition, many people forget to communicate their plans with family members, which can lead to unnecessary disputes or confusion down the road. If you want to share your estate planning with your loved ones, or your future decision makers, share this with your attorney. Ask for the pros, as well as the cons, to sharing the details of what you want to have happen and ask for your attorney’s advice in this area. To avoid these mistakes, regularly review your plan, work with a knowledgeable Florida estate planning attorney, and stay informed about changing laws that could affect your estate.
We know this blog may raise more questions than it answers. We want to help you avoid the common pitfalls we know are out there with the help of the expert legal guidance you need for you and your loved ones and your legacy. Our office is here to help you navigate the legal issues related to estate planning, probate, and elder law for yourself and your loved ones. We encourage you to contact us and schedule a meeting with our attorneys.
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