Many people in Tampa have misconceptions that estate planning is only for the wealthy. This couldn’t be farther from the truth. We all own at least one thing of value, whether that be real estate, a car, money, etc. Almost everyone could benefit from having an estate plan in place. An estate plan not only allows you to maximize the value of your estate, but it also allows you to make informed decisions regarding your assets.
Here’s a list of five common estate planning mistakes to avoid.
1. Not having an estate plan at all.
Sadly, death is inevitable. With the help of a trusted Tampa estate planning lawyer, you and your family will have peace of mind knowing that your legacy is protected.
2. Having an outdated will
To best ensure that your assets and most-prized possessions are being left behind to the ones who matter most, periodically update your will.
3. Putting your child’s name on a deed
What many people don’t realize is that when you place your child’s name on the deed to your home, you’re gifting a taxable gift. Instead, talk to your Tampa estate planning lawyer about passing on the home or value through an inheritance.
4. Choosing the wrong person to handle your estate.
Never assume that your spouse or child are best suited to handle the affairs of your estate after you’ve passed. Instead, find someone like an executor, trustee, or guardian to handle the extensive duties and demands.
Our time on this Earth is limited, so prepare for the worst and hope for the best. Many come to see the benefits of an estate plan when it’s too late. Meet with your Tampa estate planning lawyer sooner rather than later, and avoid the stress of not having a proper plan in place.
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