Eight Common Mistakes To Avoid In Tampa Estate Planning
Estate planning helps protect you, your loved ones, and your assets. It involves putting plans in place in the event of your passing, as well as ensuring you are prepared in case of unexpected events. Our experienced Tampa estate planning attorney can review your case and guide you in creating the necessary legal documents. The following are eight common mistakes we advise potential clients to avoid:
- Not Having a Will: A will is one of the most basic and important estate planning documents. However, according to Gallup polls, less than half of all adults have a legally valid will in place. Your will provides an inventory of assets, designates beneficiaries, determines how distributions are made, and can help avoid problems with the Hillsborough County Probate Court.
- Not Planning For The Unexpected: Estate planning involves more than planning for your eventual death. It also includes making preparations for unexpected events, such as a serious accident or illness that leaves you incapacitated. Power of attorney and advance directives convey your wishes and help protect both you and your family.
- Ignoring Potential Future Long-Term Care Needs: Many of us will eventually require long-term care. At-home providers and nursing homes can quickly deplete your life savings. A Medicaid trust helps prevent this from happening.
- Not Providing For Special Needs: If you have a child with physical or emotional disabilities or take care of a vulnerable adult, a trust allows you to make provisions to ensure they continue to be provided for properly.
- Choosing the Wrong Personal Representative For Your Estate: In creating a will or other important estate planning documents, you will need to select someone to act as your personal representative. While your spouse or an adult child may be your first choice, consider the added burden this will place on them and whether they have the time and skills needed.
- Not Regularly Updating Your Estate Planning Documents: Your estate plan should be updated periodically to reflect changes in your family, personal relationships, property holdings, and income or assets.
- Attempting A DIY Estate Plan: There are plenty of websites offering forms for estate planning. However, without a thorough knowledge of how the Florida Statutes apply or experience in drafting these types of legal documents, any estate planning documents you create could be declared invalid.
- Delaying Estate Planning: Procrastination is one of the biggest mistakes in estate planning. Considering how important it is, and how unexpected events can happen, avoid any future delays and consult with our Tampa estate planning attorney today.
Request A Consultation With Our Tampa Estate Planning Attorney
Putting the proper estate planning documents in place is one of the most important things you can do, both for yourself and your loved ones. At Strategic Counsel Law Group, L.C., we provide the trusted legal guidance you need throughout the process. To request a consultation with our experienced Tampa estate planning attorney, call or contact our office online today.