Even though putting together an estate plan is one of the most important things you can do in life, it can still be done incorrectly. For example, you could make various mistakes in your estate plan, which could lead to any of the documents being invalid. Today, we will discuss the major mistakes you can make when estate planning in Florida.
The first mistake in estate planning is not having a plan. The absence of a will upon your death will wind up sending all of your assets to the state for decisions. The state will decide which of your heirs gets which piece of property or asset. This will likely not reflect your views, but you lost that chance when you failed to create a will and other estate planning documents.
Another common mistake is creating an estate plan on your own or using an online company. You should always create an estate plan with the help of professionals, including attorneys, accountants, financial advisors and others who you trust to represent you.
Make sure you maximize the annual gifts you can give to family members if you have a large estate. Failing to do so will leave more money that can be taxed. When you maximize the gifts annually, you reduce the amount of money that will be subjected to taxes.
When it's time to create your estate plan or update one, you need to do it with the help of an experienced attorney. These documents are too important to craft on your own. The most minor of mistakes could wind up costing you thousands of dollars and hurt your beneficiaries upon your death.