While it seems like a chore, prioritizing estate planning helps ensure your family gets taken care of after your passing. Many different factors need consideration during the planning process.
Stay aware of the following pitfalls and avoid them as much as possible.
1. Not creating a proper will
Like all states, Florida upholds specific laws regarding creating a will. Make sure you understand any nuances that affect the rules of estate planning.
While understandable, forgetting or putting off getting the necessary documents created only harms you and your family. Remember that while you may have arrangements such as life insurance or a trust in place, they do not make a good substitute for a will.
2. Not considering your family’s opinion
While not the easiest topic of discussion, you should consider involving your family in the estate planning process. Part of the decision-making process involves choosing not just one, but at least two beneficiaries. Should something happen to your primary beneficiary, someone you trust can still make important decisions. Every family has unique needs, but by being as open as seems reasonable with yours, you can reduce the chances of future conflict.
3. Not planning for medical incapacitation
While hopefully not needed, including the possibility of incapacitation in your estate planning helps you prepare for the worst. Deciding who to enable to make decisions for you helps ensure that you will receive the treatment most aligned with your wishes.
Well-executed estate planning ensures your wishes get carried out as much as possible. Rather than putting off the process, get started as soon as you can and take the time needed to avoid common mistakes.