12 Common Estate Planning Mistakes to Avoid in Florida

Estate planning is an important process, but many well-meaning people make critical errors when creating their plans in Florida. These mistakes can lead to family disputes, assets passing unintended heirs, unnecessary taxes, probate delays, and other problems. As an experienced Florida estate planning attorney, I want to help you avoid these pitfalls.

 

• • Mistake 1: Not Having a Will
    The most basic estate planning document is a Last Will and Testament. This legal document allows you to name guardians for minor children, designate beneficiaries for your assets, and appoint an executor to handle your estate. If you pass away without a will in Florida, your assets will be distributed according to state intestacy laws, which may not match your wishes. Not having a will can also lead to court delays and extra expenses for your family.

• • Mistake 2: Relying on Joint Tenancy for Estate Planning
    Some people try to avoid probate by using joint tenancy to automatically transfer property. However, this method has major downsides. Joint tenancy exposes assets to your co-owner’s debts and lawsuits. It also complicates estate administration and Medicaid planning. A better approach is to use a Revocable Living Trust.

• • Mistake 3: Not Funding Your Trust
    Creating a trust without funding it is a common error. Trusts are useless unless you formally transfer assets into the trust through new deeds, titling, and beneficiary designations. Work with an experienced estate planning lawyer to help fund your trust correctly.

• • Mistake 4: Not Updating Beneficiaries
    Many people open bank accounts, life insurance policies, and retirement accounts years ago but never update their beneficiaries. When you experience major life events like marriage, divorce, or the birth of a child, be sure to update your beneficiaries.

• • Mistake 5: Coordinating Documents
    Your will, trust, power of attorney, health care surrogate, and beneficiary designations must work together cohesively. Having mismatched documents can lead to legal issues. An estate planning lawyer can ensure your documents are integrated and aligned with your goals.

• • Mistake 6: DIY Online Documents
    While DIY legal websites are temptingly affordable, the documents often do not conform with Florida laws. Invest in customized documents prepared by a local estate planning attorney to avoid any defects down the road.

• • Mistake 7: Not Planning for Incapacity
    A durable power of attorney allows you to name someone to manage finances if you become incapacitated. A health care surrogate designates someone to make medical choices if you are unable. Not having these documents risks court intervention if you become disabled. Check out our article on durable powers of attorney in Florida if you’d like to know more. https://easyflprobate.com/why-a-durable-power-of-attorney-can-make-your-florida-probate-easier/

• • Mistake 8: Naming Only One Agent
    Naming just one agent in your power of attorney or health care surrogate is risky. Having successor or co-agents avoids potential problems if your first choice dies, moves away, or otherwise cannot serve.

• • Mistake 9: Forgetting Digital Assets
    Online accounts should be included in your estate plan. Make a list of usernames and passwords. Give written instructions for managing your social media, financial accounts, photos, videos, emails, and other digital assets.

• • Mistake 10: Not Planning for Long-Term Care
    The costs of nursing home and long-term care can easily deplete an estate. Proactive Medicaid and elder law planning can help you legally shield assets for your spouse and children.

• • Mistake 11: Not Reviewing Regularly
    Laws change, assets increase or decrease, and family/health situations evolve. Revisit your estate plan at least every 3-5 years and after major life events to keep it current.

• • Mistake 12: Avoiding Probate Entirely
    Probate has gotten a bad reputation, but it provides court supervision, creditor protection, and validation of your will. Completely avoiding probate can leave assets exposed. Use both probate and non-probate strategies for best protection.

Avoiding common mistakes allows your estate plan to properly protect your family and distribute your legacy. Consult an experienced estate planning attorney to create comprehensive documents for your unique situation. We have decades of experience guiding Florida families through this important process. Contact us today to get started on a plan you can feel confident about.