There are just some places where you cannot afford to make a mistake. Estate planning is one of them. So, right off the bat, make sure you are using a local Tampa lawyer that you can trust. This will help ensure that your final will is executed as you wish. By using a local Tampa lawyer that you can trust, you can avoid the unnecessary headaches from any mistakes that could threaten your family’s financial security. Take a look at some common estate planning mistakes that you will want to avoid.
- Size of Your Estate
Let your local Tampa lawyer help you in deciding your estate size. You might not have multiple homes or massive investments, but you do have an estate all the same. Your home, vehicles, bank accounts, and insurance policy all have to be figured out. So plan ahead on what will happen once you pass so that your family is left behind fighting. It’s also important to plan how your financials and health care will be dealt with in the event that you are incapacitated.
- Delaying Your Estate Planning
Far too many people put off planning their estate. It makes them uncomfortable because of the essence of the subject matter. But, that doesn’t change the fact that they need to plan early on and often. Don’t delay in planning your estate. It’s meant to help with unforeseen events and how you wish your estate to be dispersed once you pass on.
- State Intervention
If there is no estate plan, the government will intervene. But, don’t expect that the government will fairly disperse your estate to you family. Having the government carry out your estate plan could lead to making your family’s affairs public and thereby take away your family’s privacy.
- One Estate Plan
We briefly mentioned it earlier, but only having one draft of your estate plan is a bad idea. You will want to update your plan as your life changes. What you had in your plan at 30 could drastically change at age 55. Therefore, make sure to update your plan regularly to ensure that it truly reflects your wishes. Don’t fall into the trap of thinking that you only have to do it once and then forget about it.
- Professional Help
With the internet it can seem easy to write your own estate plan. But, there are too many moving parts to leave it up to chance. Make sure to have a trained professional help you with your estate planning. They can save you so many unnecessary headaches that could hurt your estate plan.