Floridians and New Yorkers can benefit from having an estate plan no matter how much money they make or the value of their assets. However, many people make common mistakes when it comes to their estate plan and should review what they have in place to make sure that it is correct and still meets their current circumstances.
The first and most obvious mistake is not having an estate plan at all. Not only will it complicate how and when assets are passed down, but it can also create difficulties when it comes to arrangements for minor children. A lack of an estate plan takes away the ability of the decedent to have any say in what happens to their children when they are gone.
Other common mistakes include a failure to update beneficiaries. The will does not always control every asset that is in the estate. Some things, such as insurance policies and retirement accounts are not controlled by the terms of the will but need designations of beneficiaries to be made. Another common mistake is the failure to fund a trust that has been set up but does not contain any assets. In order for a trust to be effective, assets must be titled in the name of the trust. If not, they do not receive the protections of the trust.
Those who are uncertain about their estate plans or even need help setting one up might benefit from consulting with an estate planning attorney. The lawyer’s knowledge of and experience in estate planning: planning and probate may help in the advising of clients about possible planning options about which the client may have been unaware. Estate planning is a complex area that must be done correctly because mistakes can cause problems for beneficiaries and family after the passing of a loved one. Consulting with a lawyer might give families a sense of security.