Three Common Estate Planning Mistakes To Avoid

//Three Common Estate Planning Mistakes To Avoid

Three Common Estate Planning Mistakes To Avoid

Estate planning is a serious undertaking. It’s something that you should speak about with your lawyer in Tampa. A lawyer can help you make the right decisions based on your wishes and situation. Finding a lawyer in Tampa with whom you can effectively communicate is very important. After all, your estate plan states what you wish to have carried out if you die. So, I’d imagine you want those directions to be carried out as accurately as possible. Here are three common problems to avoid:

1. Avoiding Estate Planning

One of the biggest and most common mistakes is putting off your estate planning altogether. Many folks don’t feel too keen about talking about passing away, so it’s no surprise that people avoid this topic. Finding a lawyer with whom you are comfortable speaking candidly can make all of the difference. Estate planning is really just another means to protect your family, so the first step to getting your estate plan created is to retrain your brain from thinking estate planning is all about doom’s day preparation to understanding it is really about establishing a safety net for your family.

2. Failing To Update Policy Beneficiaries

This is another fairly common mistake. Too often people establish accounts with beneficiaries attached, but fail to update their beneficiaries after life changing events. People remain unaware of what happens if you get married or divorced since the last time you updated your beneficiary. Are you sure you listed who you would like as your beneficiary or has it been years since you’ve even checked? Do you know what impact a marriage or divorce can have if the date of your beneficiary designation predates the date of the marriage or divorce? Various complications can arise and most likely that means costly litigation for your loved ones. So, it’s important to keep your policy beneficiaries up-to-date in order to reflect your current situation in life. Failure to do so may create unintended consequences.

3. The Misconception About Estate Sizes

Too often people avoid estate planning because they believe it is only for the rich. You don’t have to be wealthy to worry about protecting your family. Whatever your situation may be, you have assets and people that need to be protected. Estate planning allows for your family to avoid unnecessary costs and have the insight and power necessary to act on your behalf both before and after death. That’s right, estate planning can help before death as well. Living wills and powers of attorney are tools that can help by giving your loved ones the power and information they need to make important decisions in the event you become incapacitated.

Remember that estate planning is a powerful tool that is intended to help you. Think of it less as a chore and more as an investment. Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about scheduling a consultation.

By |2018-07-30T17:41:59+00:00July 30th, 2018|Blog|Comments Off on Three Common Estate Planning Mistakes To Avoid

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