David Howard Goldberg, P.L.

You may be committing estate planning mistakes and not know it

You may think you have all the protection you need because you have a will or you have the necessary estate planning documents in place. While it is prudent to have an estate plan, even if you are not wealthy or have a large estate, that may not be all you should do. It is beneficial for everyone who has a plan to carefully review all aspects of it to ensure there are no mistakes or issues that could cause problems later. 

Mistakes in an estate plan, even small ones, can cause significant complications for you or your beneficiaries down the road. It is in your interests to carefully review everything and rectify any problems that you may discover. It is especially prudent to review your plan if you have experienced significant life changes recently or it has been a few years since you have looked over everything.

Common pitfalls to avoid

It may be helpful for you to understand common estate planning pitfalls and what you can do to avoid making mistakes that could cost you and your loved ones dearly. Some mistakes and errors to look for and avoid include the following:

  • Not considering the impact of gifts you want to make – If you want to leave a specific valuable asset to a beneficiary or you want to put contingencies on what an heir can do with an asset, it is in your interests to think carefully about the impact that your choices can make on loves ones well into the future.
  • Not naming beneficiaries – One common estate planning mistake is failing to name a beneficiary on certain types of insurance policies and retirement accounts. It is also important to remove former spouses from IRAs and other long-term savings accounts.
  • Not planning for contingencies – It is important for individuals to plan for potential events that could impact an estate plan or the distribution of assets. This includes planning for disability, the death of a spouse, divorce and much more.

One of the biggest mistakes that people make regarding their estate plan is failing to have the right protections in place and making the necessary changes. While it is impossible to predict what will happen in the future, avoiding certain types of mistakes with your planning efforts can have significant benefit for you and your family members in the future.

If you have an estate plan and need to review it or you do not have any type of estate plan in place, now is the time. It is smart to discuss your concerns with an experienced Florida legal professional and have the right plans so you can look to the future with confidence.

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