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We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

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How can I avoid common estate planning mistakes?

On Behalf of | Jun 3, 2021 | Estate Planning And Probate |

Everyone should have a solid estate plan in place, regardless of age or level of wealth. You may think you don’t have anything, but what if you died holding the winning lottery ticket?  Estate plans protect your assets, but they also provide peace of mind to your family.

Estate plans can even offer benefits while you are still alive, provided you develop valid, legally binding documents. Kiplinger explains the most common estate planning mistakes, so you can take the proper steps to avoid them.

Not establishing a plan for minor children

Along with creating a plan for your assets, a will can also create a plan for your minor children. By establishing guardianship, you can rest assured your children are in good hands in the event of the unthinkable. Without guardianship established, the court will make a decision on its own. While decisions are in the best interest of the children, there is a chance they could go against your wishes.

Not updating the plan

Your will should change along with your life. You should perform a review after every major life event, including new marriages, divorces, the birth or adoption of a new child, or the death of a beneficiary. You should also perform a review after moving to a new state, as laws may have changed. A general review is also recommended every few years or so.

Not factoring in long-term care costs

In the event your medical needs become complex, you might require long-term care in a nursing home or assisted living facility. These facilities can incur huge costs, so your estate plan should include a strategy for implementing suitable long-term care. For example, disability insurance can can cover things like home health aides or even stints in rehab centers.

While no one wants to think about their own mortality, an estate plan offers protections cannot pass up. If you have children, own property, or are accruing assets, you should create a plan sooner rather than later.