Many people in Florida neglect their estate plans and fail to consult a professional about the little bit of planning that they do. As a result, many people make crucial estate planning mistakes that have a negative effect on the next generation. According to a CNBC survey, about 38 percent of people who own over $1 million in investable assets have not asked a professional for help with their estate plan.
One of the estate planning mistakes that people make far too often is drafting a will but neglecting to sign it. One financial adviser in New York said that she has seen people wait years to sign their will after creating it. Though a will is only valid after it is signed, many people only think to sign their will and implement their estate plan when they have a health scare.
Another common mistake that people make when creating an estate plan without professional help is assuming that they have nothing to worry about because their heirs won't be taxed. Although the $5.43 million federal estate tax exemption is enough to cover most Americans' estates, people should still think about protecting their assets from creditors, lawsuits and potential disputes between family members.
A lawyer who has experience with these matters may be able to go over a client's estate planning documents or help to create new ones. If a person's estate plan was created a long time ago, a lawyer may be able to help to update the documents to take into account changes in family or financial circumstances since then.