Avoiding costly estate planning mistakes with an estate planning attorney should be the number one priority on your list when dealing with your estate plan. Handling an estate plan is not only for the rich or the elderly. It’s for any individual or family who would like to protect their assets, spare their family from unnecessary stress, and ensure that their final wishes are not only honored but also, should it come to it, be upheld in a court of law.
However, many people wait too long or try to handle this complex process. Even worse, they try to do it on their own, leading to avoidable legal problems, emotional strain for loved ones, and even financial loss.
Keep reading for more information on how an estate planning attorney can help guide you through the complex estate planning process.
How Your Estate Planning Attorney Can Help You Avoid 4 Common Estate Planning Mistakes
There is also a range of common estate planning mistakes that people make when attempting to handle their estate by themselves.
1: Utilizing online templates or DIY packages
While an online template can be perfect for creating a greeting card for the festive season, a generic one-size-fits-all estate planning kit is not what you need. These DIY kits/packages or pre-filled templates often do not comply with state-specific legislation for estate planning and could be seen as null and void in a court of law.
For example, unless there are two independent witnesses and the will is signed correctly, it can be considered invalid within the state of Florida.
You don’t want to run the risk of your will being seen as invalid when it’s too late to do anything about it. This is where an experienced attorney steps in. They can create customized and legally compliant documentation that reflects not only your unique goals but also your family dynamics within the scope of the law.
2: Neglecting To Update Your Estate Plan
Unfortunately, creating a will or an estate plan is not a “set and forget” process. Just as your life goes through numerous changes, so should your will. It doesn’t mean being fickle and adding or removing heirs, but to reflect the current state of your life. This is particularly true when there are significant changes to your life, such as divorce, remarriage, children, or the acquisition of new assets.
For example, if you create a will naming your spouse as the sole beneficiary of your estate, but later separate, remarry, and have children with your second spouse, your original will may still stand. Upon your death, your new spouse may receive nothing unless they pursue a lawsuit, which is an emotionally and financially draining process.
Your estate planning attorney can help ensure that your will is regularly updated and an accurate reflection of your current life.
3: Misunderstanding Homestead Laws
Florida has numerous laws that provide protection for your primary place of residence. However, these laws can impact who can inherit your home, especially if you are married or have minor children.
For example, if you decide to leave your home to a child from a previous relationship, you can inadvertently disinherit your surviving spouse. Under Florida statute, the surviving spouse is entitled to partial ownership. This inadvertent disinheritance will trigger a legal battle, but can also leave your surviving spouse and any children with them homeless.
Your lawyer can help you understand Florida-specific homestead laws to protect your family and the life you’ve built. Ensuring the home transfers smoothly and without unintended consequences.
4: Not Planning for Incapacity
Nobody wants to plan for their death, but they also don’t want to plan for a “what if,” like an accident that causes a disability or a cognitive impairment. Your estate plan is there to help protect you while you’re alive but incapacitated to a degree. Crucial documentation you would need to prepare includes the power of attorney to handle financial decisions, a healthcare surrogate to handle medical decisions, as well as a living will for any end-of-life wishes you have.
For example, you end up in a car accident that leaves you not only with debilitating injuries, but the impact has also caused cognitive impairment. Without a designated power of attorney, living will, or a healthcare surrogate to make decisions on your behalf. Even though you’re alive, you can’t vocalize your needs or wants, allowing others to take advantage of you and your estate.
Your attorney can draft enforceable state-specific documentation around incapacitation to avoid guardianship proceedings and ensure that decisions made on your behalf are made by people you trust.
Estate Planning and Procrastination
The thing about estate planning is that it’s so easy to put off to a future date. It’s not an immediate concern to many because “they have their whole lives ahead of them”. Except, what if that isn’t the case?
Life can be fickle, and as much as we don’t want to talk about death or disability, the reality is that your life can change in an instant. Be it due to a serious illness, a sudden accident, or more – none of these things will wait for you to get your affairs in order. This is why it’s so important to get ahead of life by partnering with a reliable and experienced Coral Springs estate planning attorney.
Here’s what’s at risk if you wait too long to get your estate in order:
- Court-appointed executors: If you pass away or become “non compos mentis” (of unsound mind) without an appointed executor, the court can appoint a guardian or conservator to manage your affairs.
- Familial disputes and legal battles: Dying intestate (without a valid will) means that the state will decide how your estate is split, which can and will lead to financially draining family disputes.
- Financial loss: Without proper planning in place, your heirs can lose a significant portion of their inheritance to taxes, probate costs, and potentially even creditor claims.
Remember: illness or death can happen without warning, and the legal system moves slowly and impersonally. A well-structured plan, created with a knowledgeable attorney, ensures that your wishes, not the state’s default rules, determine what happens next.
Peace of Mind Starts with Planning Ahead
Hiring an estate planning attorney in South Florida is not just about paperwork. It’s about giving yourself peace of mind, knowing that you have protected your assets and your family. Whether you live in a beachfront condo in Fort Lauderdale, a gated community in Parkland, or a family home in Coral Springs, the stakes are the same: your family’s future depends on the decisions you make today.
Talk to the reliable and experienced team at the Law Offices of Gary I. Handin, P.A., and start estate planning now. Call us today at 1-877-815-4560!